What happens if I earn more than anticipated ?

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Liz.k

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Post by Liz.k » Sun Sep 27, 2015 1:23 am
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What happens if I earn more than anticipated ?
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Michael Peoples

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Post by Michael Peoples » Sun Sep 27, 2015 1:42 am
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What do you mean?
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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hubert

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Post by hubert » Sun Sep 27, 2015 8:30 pm
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Most IVAs have a 10/50/50 rule.

This means anything above your "normal take-home pay" you get to keep the first 10% of.

After that first 10%, you have to give 50% of it to the IVA.
One pay-cheque away from oblivion!
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lifenoteasy

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Post by lifenoteasy » Sun Sep 27, 2015 9:33 pm
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Agree with hubert
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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Shining

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Post by Shining » Sun Sep 27, 2015 9:47 pm
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Hi and a warm welcome to the forum. If you earn more talk to your IP about how to deal with the extra income and it will increase the dividend your creditors receive. I do believe you'll also find this detailed in your proposal but any doubt your IP or senior staff at the company will be able to assist.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Lisa Thomas

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Post by Lisa Thomas » Mon Sep 28, 2015 4:13 pm
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It should state in your proposals but usually you get to keep some and creditors get some too - you have to pay this over so best to sort now so that you're not in arrears at the end of the year when your Supervisor does an I&E review!
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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