www.iva.co.uk

hi everyone
in my IVA it say i need to hand over 50% of any extra money earned but since i went in to my IVA my mortgage has gone up by £160 and petrol has gone up plus i have had another baby who is one now so extra cost like nappies food and milk extra so would this balance out because i do a bit of overtime but some weeks i do an extra 5-10 hours andd others weeks i don't do any overtime so would this balance out and i won't have to pay any extra ive been in my IVA 15 months not had an annual review just a letter saying no increase in payments at this time.

I presume that is over and above the first 10%?

If your overtime is not more than 10% of your wages, you don't have to pay any across (subject to the terms of your IVA).

I'd run it by your IP just to make sure, but with the added expenditure you have, you may be ok anyway.

The 10% ruling has only really been operative since February this year, so it is likely that the full 50% has to be paid over. The answer to this will, of course, lie in the terms and conditions of this particular IVA.

They changed a lot this year didn't they? Must learn to check before posting!!!

Don't worry Jan - remember I do this for a living!!! I would be hopeless at your job!!

does that mean any extra money you earn have to pay 50% over to the IVA. will they take in to account extra expenditure such as petrol mortgage going up having a baby and food bills going up

Yes - but firstly out of your share of the 50% additional earnings.