www.iva.co.uk

Hi there my as you are aware my Iva was accepted on the 28th September!!!

My wife's wage has now gone from
£860 a month to £1030 a month

But our child care is going up and a few other bits where do I stand with this???

Many thanks Redrobin

If the IVA is yours alone and the IP has not used your wifes salary towards any of the payment it might only effect you in so far as she could be deemed to be paying a bigger share of household expenses.

It's a joint iva both our wage is included

In that case the payment will increase by half the net income increase. Most IVA's are written so that the whole of the rise is yours until the annual review, at which time the payment increases by half the income rise from the month after the review. However, some take half the increase right away ( and some, frankly, try to do so when they shouldn't ). So, check your paperwork.

Note -- the increase in your IVA payment is based on the NET increase in income, after the increased childcare and other costs have been taken into account.

Cheers foggy they are phoning me Monday my rent is going up £50 a month as from next month plus my child care is also going up!

Also I've just been going thru income & expenditure and have noticed on a few bits like council tax they have put £114 when I'm paying £137 child care is going up £30 a month can this all be taken into account with the extra wage my wife is getting?

They work out the council tax over 12 months,as you only pay over 10 months the payment you make to the iva is lower but it is the full amount over the year

114 X 12 iva payments
137 X 10 council payments

Hope this helps

My council will allow you to pay over 12 months, rather than have the 2 month "holiday".

Ah I see they've done it over 12 months. Also with my expenditure list that's been done can that be altered now my iva is up and running? As there is a couple of things that as from next month I will be paying more

Your expenditure list should be accurate to start with. Dont allow anyone to fudge the figures to make things look better as getting things increased can be difficult.

Paul

It's not actually a joint IVA but an interlocking one.

Put down exactly what you spend as plasticdaft says.

As to council tax, I have no idea whether or not ours will let you go over 12 months but I do like the payment 'holiday' especially just after Christmas!!

Thanks for the help credit fix are ringing me Monday to discuss the extra money. I'm I right in thinking that

Wife's wage £860
New wage £1030

Extra £170 a month
10% we are allowed
Leaves £84 would I have to go 50/50 on this amount left??

Sorry to sound think appreciate everyone's help

No -- the 10% disregard only applies to overtime and bonus payments. With permanent income increases you hand over 50% of the net increase, after deduction of agreed expenditure increases / other loses (ie tax credits being reduced).

Ah crap! Is there anyway around this my rent is going up next month which I can prove gutted