Posted: Thu Jan 22, 2009 6:51 pm
Hi everyone,
I have just started my 3rd year in my IVA and I have a couple of questions:-
1. I am in full time employment but i am about to be offered a new job with potentially significantly more pay. I know i will need to do a new I&E which is fine but my question is if I cleared say an extra £1,000 per month after my expenditure can i really keep £500 of it? It says in my IVA I keep 50% of pay rises. Been in an IVA for over 2 years now...an extra £500 for me a month will make me feel like a millionnaire. That said being in an IVA does train you to be frugal and my main aim will be to squirrel as much money away as possible. I think i find it hard to get my head around the fact that i will be allowed to take the extra £500 and save it or do whatever. I keep saying to myself well yes because it is a win win situation for both myself and creditors...have i missed a trick here and will i definately be able to keep 50% of anything extra after expenditure irrespective of the value?
2. I sent off my I&E in mid November...not heard a dicky bird although everything is in order and i have my bonus money in my bank ready to send over to my IP...after speaking to them in November i sent a covering letter with my docs asking them to confirm the details of a standing order (they agreed payment this way) so that i can send it to them (don't have a cheque book)...still waiting. I am not overly worried but i am surprised that i have heard nothing. Is this normal? Maybe they are just really busy. I am not going to hasten them or anything just wondered. My first year i didn't have an annual review at all so i have nothing to measure it by.
Regards
I have just started my 3rd year in my IVA and I have a couple of questions:-
1. I am in full time employment but i am about to be offered a new job with potentially significantly more pay. I know i will need to do a new I&E which is fine but my question is if I cleared say an extra £1,000 per month after my expenditure can i really keep £500 of it? It says in my IVA I keep 50% of pay rises. Been in an IVA for over 2 years now...an extra £500 for me a month will make me feel like a millionnaire. That said being in an IVA does train you to be frugal and my main aim will be to squirrel as much money away as possible. I think i find it hard to get my head around the fact that i will be allowed to take the extra £500 and save it or do whatever. I keep saying to myself well yes because it is a win win situation for both myself and creditors...have i missed a trick here and will i definately be able to keep 50% of anything extra after expenditure irrespective of the value?
2. I sent off my I&E in mid November...not heard a dicky bird although everything is in order and i have my bonus money in my bank ready to send over to my IP...after speaking to them in November i sent a covering letter with my docs asking them to confirm the details of a standing order (they agreed payment this way) so that i can send it to them (don't have a cheque book)...still waiting. I am not overly worried but i am surprised that i have heard nothing. Is this normal? Maybe they are just really busy. I am not going to hasten them or anything just wondered. My first year i didn't have an annual review at all so i have nothing to measure it by.
Regards