Can a larger percentage of increased income be taken despite increased outgoing ?

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nicjones31

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Post by nicjones31 » Mon Apr 25, 2016 10:10 pm
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?
 
 

MrsR

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Post by MrsR » Tue Apr 26, 2016 1:26 am
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.
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Foggy

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Post by Foggy » Tue Apr 26, 2016 8:07 am
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.
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Lisa Thomas

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Post by Lisa Thomas » Tue Apr 26, 2016 9:52 am
It should go in a circle but it depends on whether the extra expenditure is reasonable.

On the assumption it is this will be reflected in the calculations.
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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