Ive entered into an IVA back in 2012. My wage has gone up but so has my outgoings. My question is can they still take a larger percentage of my income despite my outgoings now being more?
Any surplus income after outgoings will always be required to go into the iva pot.
If you have an income vs expenditure form which reflects that the new income has meant increased outgoings, ie more travel costs or childcare per month, then they should review this and look at whether any adjustment is to be made, and if it's all correct then your payment should stay the same.
I would ask the IP for a breakdown of why they think the larger payment is due.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
The increase in payments should be based on the net increase ( after increases expenses have been deducted). However, any increase in expenses has to fit the same criteria as the original expense, i.e within the guidelines and reasonable, or, if above the guideline maxima, justifiable.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014