Hi My IVA has been passed but I have some doubts when it comes to sign copy of the Chairman's Report. My 'Proposal for an Individual Volountary Arrangement' signed before creditors meeting shows that my monthly income is £1140.00. When I received 'Chairman's Report' it says that 50% of any additional income received that is above £1095.60 per month, must be paid into my Arrangement. Is it normal thing in IVA? And does it mean, I need already pay this 50% into my Arrangement as I earn more than 1095.60? Thanks for any answer.
There might be an error there. The usual requirement is for 50% of income above usual income ( in your case £1140) to be paid over. And, additionally, in many cases there is a 10% allowance which you keep before splitting the rest 50/50. This would mean you only additionally pay 50% of income above £1254.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for a quick action.
I have contacted my IP and been explained that my benefit (industrial injuries disablement benefit) it's something, what it is not included in IVA calculations but appears as additional income. Only my income from employer is taken into consideration, what is £996 per month. That makes sense.
