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Posted: Mon Aug 29, 2016 10:23 pm
by ASSISTME
Hello. Now about the start my fourth year on iva. This current year has been quite tough. So for my upcoming review, do I include my current iva payment on the income/expenditure form. Otherwise, it seems stupid NOT to include it. Thanks everyone who would assist me with this !!!
Posted: Mon Aug 29, 2016 10:49 pm
by Michael Peoples
You need to work out your I&E before the IVA payment as the payment should be based on affordability. If you need a reduction the I&E would then show this.
Posted: Tue Aug 30, 2016 9:18 am
by Foggy
You don't include it in the initial work up -- the payment is the result of taking your net outgoings away from your net income, so it is not part of the calculation but is the result of the calculation.
Posted: Tue Aug 30, 2016 9:53 am
by Helen.k
Speak to your ip if you're struggling, they may be able use their discretion to reduce your payments a little, ours did when we had a tough year