www.iva.co.uk

my income changes every month how is the payment calculated

Hi there and welcome to the forum

It may be possible to take an average of your earnings over the previous year to determine a monthly figure, but you do need to be careful as in the months that you earn lower than average it may be difficult to fund the repayments. Debt repayment plans and IVAs generally work a lot better if there is a regular source of income available. Are you self employed?

Hi thanks for the reply,

Not classed as self employed work in a small family business (Ltd company) which has been good, but the last year with the credit crunch etc business has been a lot lower, we have alway covered my outgoings each month (Approx 3500 - 4000) from funds we have banked from previous sales etc however those funds are just about gone so really being subbed by my parents, im a qualified ifa (small family business and other company selling property investment in Portugal) and am looking for a new job as i dont think it fair to rely on my parents personal resources hence looking at ivs's, just cant see a way through at the moment any help would be great

Best regards

Rob

Sorry how do i estimate 3 kids shoes/clothes, car mot, food etc??

Hi

It is possible to make an offer through an IVA based on a minimum annual contribution where someone's income varies from month to month. The idea being that the individual pays what he or she can afford based on their earnings in that month - some months this will be higher than the monthly average (calculated as Melanie suggests) and some months it will be lower.

Your expenditure for food can be estimated with reference to your normal weekly shopping bill, with regards to clothes, shoes, car mot etc your IP will help you to estimate these based on accepted allowances depending on how many you have in your household and any special needs your family members may have. Your fixed montly expenses such as mortgage/rent, council tax, utilities etc will be based on what you actually pay each month.

When you speak to an IP he or she will go through an income and expenditure with you. It will help if you have your bank statements and copies of any bills to hand.

Most IPs and creditors generally work to the CCCS guidelines with regard to acceptable expenditure amounts, and I can send you a copy of these figures if you drop me a line at my website.

I have quite an important question please help.

I am an Independent Financial Adviser directly regulated with the FSA, if i go for an IVA will this prevent me from changing jobs to another IFA firm/similar job incorporating my registered adviser status. Do you know what FSA rules are on fit and proper etc.

Many Thanks

Rob