Well, we have just had our 3rd year review and the time does seem to be going pretty quickly most of the time!!
Reading a few threads on here regarding salary and the 10% issue i was just wondering if our review was being done properley.
Since the very start of our IVA we have been allowed to earn X amount per week before the 10% rule kicks in.
But this weekly amount has stayed the same every year.
My salary (income) has gone up and they have increased our budget a little bit and over this year, we have made over payments of around £400 over the year but they have increased our monthly payments by another £75 per month,(900 a year).
Does this seem right?
I would have thought we would be able to earn a bit more every week before the 10% kicks in ?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>I would have thought we would be able to earn a bit more every week before the 10% kicks in ?
That's how mine has been over the last two reviews my income has worked out higher so I've been able keep more before the 10%, but I suppose it's all down to how your IP works.
This is not correct. Each year at the review stage, your basis salary should be readjusted to take account of payrises - as it is in calculating your disposable income.
Hi Mel, perhaps you could answer a question I have wondered about since the start of our IVA although it isn't really relevant till next year.
When the 10% is assessed is it the combined total monthly income for an interlocking IVA or individual for each person, at the moment I do it on just my wages as hubby hasn't an income but next year he gets his state pension so will have an income.
Whenever I have mentioned this to our company they do not answer me and just say wait until he is getting his pension and our rates will be reassessed then. Not really answering what I am asking.
(edited cos I can't spell)
Last edited by Pandy on Mon Oct 28, 2013 7:20 am, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
I think we're with the same company as you, Stepchange, and have just had our 3rd review. The only difference for us this year is the amount allowed to be earned has been shown as a combined figure rather than two seperate amounts.
We were pleased with our outcome because a car finance payment has ended and we get to keep half the amount plus our expenditure was increased in a couple of areas.
No issue though in the salaries being re-calulated.
Regards.
IVA completed with StepChange.
Last payment Sept 2016 CC Oct 2016
Had a nice chat this morning to try and understand how they are working out their figures.
One of the things they mentioned was that during year two, our income went down and they have said They forgot to reduce the amount we could earn (inc the 10%) so we ended up with a little bit more money than what we should have done when we did earn anything above the set limit.
So i said, then if our combined salary's have gone UP then the amount we can earn inc the 10% would go up!
NO!! It stays the same!. Our combined weekly amount we can earn has stayed the same from day one.
Our wages are pretty complicated, different amounts every single week, wife has temp job, some weeks a lot of work then loads of weeks no work.
They have said see how we get on with this monthly payment and if we feel its a struggle then give us a call!!
Would like to point out that over the last 3 years we have paid some £1800 extra through me working every hour thats avaliable.
LUNA: Yes we are with the same company, i do feel we can manage with the new payment but what worries me is that little things seem to change every year.
I think they were really surprised that i could work out the figures out to the penny!!!
But its how everything was explained to us from the beggining.
Also i would like to add that they are very helpfull when we phone up.
To be honest being in the IVA has taught us a huge lesson on how to stick to a budget and to keep an eye on everything that goes in and out of the account.
Will see how we go i guess, cannot wait to see how the equity release will pan out!!
