Interestingly the 10/50/50 calculation make the total £325! Should they have advised that this was an option?

Would I be within my rights to question it and insist it be recalculated? I would be happy with a correct figure of £380 which is what it should have been in May.

Hi Lisa, This is apparently the calculation my IP has used; (new surplus income - current contribution) / 2. Surplus was £435. Minus the £120 then divide by 2. The probably is they have done it twice with £120 and then again with £280. "I have used the guidelines which I am provided to the best of m...

Many thanks Michael. No my salary now is the same as in May. The May review was a voluntary one - I informed my IP. This is the annual review. Every time I question it, I get told "we just put the figures in and it tells us what you pay". This doesn't cover the fact that they are doing two full revi...

Hi, Thanks for the reply. amount available to creditors in May was £435, so less original £120 was £315. Half that £160 + £120 = £380. That was the one they got wrong and it ended up £280. So they've redone it now and get the £160 + £280! As you say, they have accepted the original expenses. Either ...

Hi, I have a quick question. I'm just going through my second IVA annual review and I'd just like to check the following scenario; I had a temporary promotion in May, significantly increasing my salary. My original IVA payment was £120. My new IVA payment became £280. My annual review has now been...

Hi, ** Apologies - this may appear twice! ** I have a quick question. I'm just going through my second IVA annual review and I'd just like to check the following scenario; I had a temporary promotion in May, significantly increasing my salary. My original IVA payment was £120. My new IVA payment bec...

Hi, apologies for jumping in here - I had a significant pay increase in May and my IVA payments were increased accordingly as I contacted my IVA company directly. Should I have waited until my annual review for this to be done? My IVA is being reviewed again now and the payments have jumped yet agai...

The latest is I have gone back to my employer to ask they give me the money I originally agreed to. I'm going to have a chat with a debt management company next week to see what the options are. If I can get on a DMP for a while until a new job is sorted I can then review options. Hopefully that wil...

In total, around £40k unsecured loans - the annoying thing is they are all due to end in about 3 years or so - paying £20 per creditor, of which there are 6, would allow the money to go a good 10 months.

Hi Melanie,

At a push, the money would last probably 3-4 months. I'd need to significantly reduce the debt payments after which it would last 6-9 months, giving a fair degree of breathing space. My monthly debt outgoings are approx £1,000.

Regards - Peter

Hi Melanie (and others!), Thanks for your comments. My aim would be to live off the money I receive from the compromise agreement until I got another job. The problem would be that a significant portion of the money would go towards the debts on a monthly basis. Ideally what I need is to have the co...

Hi all, I am in the process of going through a compromise agreement which may end up being a lot less than originally expected. I currently don't have a job to go into and I have a number of debts that obviously need to be paid. I am thinking of contacting an IVA company before I sign to get the bal...