If the IVA is yours alone and the IP has not used your wifes salary towards any of the payment it might only effect you in so far as she could be deemed to be paying a bigger share of household expenses.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
In that case the payment will increase by half the net income increase. Most IVA's are written so that the whole of the rise is yours until the annual review, at which time the payment increases by half the income rise from the month after the review. However, some take half the increase right away ( and some, frankly, try to do so when they shouldn't ). So, check your paperwork.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Note -- the increase in your IVA payment is based on the NET increase in income, after the increased childcare and other costs have been taken into account.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Also I've just been going thru income & expenditure and have noticed on a few bits like council tax they have put £114 when I'm paying £137 child care is going up £30 a month can this all be taken into account with the extra wage my wife is getting?
They work out the council tax over 12 months,as you only pay over 10 months the payment you make to the iva is lower but it is the full amount over the year
114 X 12 iva payments
137 X 10 council payments
Hope this helps
Today 1st of December 2016 the vultures finally flew away
Ah I see they've done it over 12 months. Also with my expenditure list that's been done can that be altered now my iva is up and running? As there is a couple of things that as from next month I will be paying more
Your expenditure list should be accurate to start with. Dont allow anyone to fudge the figures to make things look better as getting things increased can be difficult.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It's not actually a joint IVA but an interlocking one.
Put down exactly what you spend as plasticdaft says.
As to council tax, I have no idea whether or not ours will let you go over 12 months but I do like the payment 'holiday' especially just after Christmas!!
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
No -- the 10% disregard only applies to overtime and bonus payments. With permanent income increases you hand over 50% of the net increase, after deduction of agreed expenditure increases / other loses (ie tax credits being reduced).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
