Income: How to split.

[baldy]

HI our IVA approved, first payment in December.

Just a question: I earn a different amount each month net, Not bonus or commision just because i do lots of different shifts.

If my agreed net monthly salary was £2000, our aggreement is keep the first 10% than split the rest 50/50,above that net figure i understand how that bit works!

But lets say the next month my net salary was £1940 would the IP adjust the monthly payment to take in the difference in the net take home?

I understand they can adjust the payments by around 10% without having to notify the creditors.

Im will tell the IP every month what the net income figures are so that we dont get a big surprise at the end of the year.

I will ask the IP, just thought sometimes people like to see the questions on the forum!!!!!
Thanks

[thefsg]

I don't think the payment would go down when you went below your monthly figure. By the same token if you earned up to £2,200 (in your example) you wouldn't pay any more over. I think that is how it would work but it's probably worth checking with your IP to make doubly sure.

[Shining]

I don't think your payment would go down if you earnt slightly less, IP's do have the discretion to reduce payments by 15% without the need for getting creditor approval I believe but I think that is for a more permanent wage reduction.

One of our experts will be along soon to clarify. x

[Broke of London]

I too think you have to suck up the lean months and offset them with the higher salary months.

[baldy]

Thanks for that! Just like to get everything clear in my head!
Baldy[:D]