Hi all
I wonder if anyone can clear something up for me.
Im with GT and in our agreement it states that we can keep 10% of our extra earnings and then pay 50% of anything above this, which is fine and i understand this.
But does it apply to the person who has earned the money or is it based on mine and my wifes wages combined?
For example: if i earn 1000, and my wife earns 1000, then i earn £200 extra, am i allowed to keep it all? As its 10% of our combined wages, or is it based on me earning £1200, i keep £150, and give £50 to the iva?
7 months in and counting!!!!
Is the IVA yours solely or does your wife have one as well?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you are both in an IVA then it is based on individual incomes so you can each keep 10% extra of each of your earnings each month, hope that makes sense
Just a thought....
My wife's wages fluctuates due to her being a self employed courier, if her basic wage is £1000 and she earned £1200, i agree she keeps £150 and pays £50 to the IVA.
But if last month she earned £800.00 which offsets the increase in this month, wouldn't that level things off at the end of the year? therefore no need to pay?
Last edited by icap9912 on Mon Nov 07, 2011 11:26 am, edited 1 time in total.
I just called GT and they advised that at my annual review if my wifes earnings are within the agreed annual income then it will be fine, but if the 12 monthly salaries exceed the 10% then there will be something to pay.
That could be because she is self employed then. If you are an employed earner you definitely have to declare income over and above the 10% of your normal income.
Glad you have it sorted. I would ask them to confirm that in writing for peace of mind.
Our agreements state the 10% rule, im on salary but my wife is self employed. I was told that it would all be calculated at the annual review, obviously if every month she was earning over the 10% allowance then it would probably need reviewing but because her earnings fluctuate up and down then i think it is easier to assess it annually.
Maybe Karol from GT can comment on this one.
Ian
We had letters setting out the amount being taken into account each month for earnings, the 10% calculation and the total of the earnings plus the 10% = the amount we can earn before notifying our IP. Very simply set out, but at least it was crystal clear to both of us. We have to tell them within 14 days of receiving the funds, then pay any additional within a further 14 days.
Maybe GT do things differently, or maybe it is to do with the self employed aspect.
No probs Ian - I just like to get everything in writing myself - saves any arguing or shocks later down the line!!!
Thinking about it - it's got to be to do with the S/emp aspect as when I receive less because of sick leave (I'm taking quite a bit at the moment and on half pay when I do) then my IVA payments do not decrease.
