www.iva.co.uk

Hi all, I wonder anyone can thow any light on something for me please?

I'm 3 years or so into my IVA and I'm just about managing. My monthly travel costs are over £800. I'm currently in discussions with my company about working remotely full time. (I currently work from home 1 week in 4). I need to work out if I will be expected to pay the whole of the £800 travel saving into my IVA or whether I will get to keep any of it?

If I end up paying it all over then I may as well carry on travelling to work as the idea is to improve my financial situation, and being in the office is often easier than working at home.

I was wondering if anyone else had experience of this?

Thanks in advance.

Ok, further research suggests that I'll need to pay 50% of any saving, so it's worth doing.

I would further clarify this with your IP (assuming you haven't already done so).

Thanks Lesley, I will once I know my options.

Hi Sean, I think you're right and you'll keep half of it generally.

I think it's based on win/win. If you always had to pay every extra penny in, you'd never bother looking for ways to save money, get better deals or promotions etc...

Hope the remote working works out

Is that that your expenses are decreasing or that your income is increasing? Any extra income is normally split but not sure about a revised I&E surplus which is what it would be if it's travel costs.

When our expenses increased, we sent off petrol receipts and autoroute mileage and had full increase approved. To be fair, if you expect 100% of increases then handing over 100% of savings would be right.

Personally, I wanted to pay back what I coild and if I could have paid back more by working at home, I would have.

Hopefully you will get to keep some if it's a pay increase. Less wear and tear on your car anyway.

There may be other increases in expenditure which will offset some of the savings but I would still think half of the additional surplus would need to be paid in.

Thanks all, if it goes through I would save around £800 in rail fares ( I commute into Lo don daily from Lincolnshire). I'd be happy to pay most of that into my IVA but it would help a lot if I could benefit from some. My company have been brilliant so far. ... but I've always been open with them about my situation.