www.iva.co.uk

Hi there

Coming up to our 1st annual review, things going good and paying £463 per month in to IVA. The overtime clause is NOT in our chairmans report as confirmed by Debtmatters. Just the inhertiance/windfall clause!!!

Our payments orginally started off at £289 per month, but then there was a hiccup we though our child was to start school september 2007, so it was agreed in report that when he did our payments go up to £463 (as we would no longer be paying childcare) which was fine BUT it worked out he wasnt to start school until september this year, so we put in a variation to keep our payments at £289 but it was rejected so we have HAD to find the extra which is quite hard but we are managing it.

Anyway back to the point, i never have any overtime, but hubby has had some, but it is not guaranteed, he doesnt get it every month and hasnt had any for the past 3 months (at review they request the last 3 months payslips)do you think they will do anything,like put the clause in to the chairmans report, i know they cannot ask us for any of the overtime he has already had can they?
Just wondered if there are any surprise things they can spring on us!!!!

thanks all for you help in advance.

Jo

Hi baz and welcome to the forum

How odd that creditors did not accept your variation - where on earth did they expect you to find the extra money from? I suspect that they were not happy that the original proposals were incorrect, but still it is unrealistic to expect you to find money you simply have not got.

If you do not have the overtime clause, then the overtime is yours to keep - and to supplement the higher payments! - however you are likely to be reviewed at the end of the year and the additional monies may well then be taken into account and your payments increased on a monthly basis from then on.

surely they cannot increase the monthly payments, when we dont get overtime every month can they? like i say for the last 3 months we havent had any overtime at all, so how would we have been able to make a larger IVA payment? getting bit worried now coz its hard enough paying the £463 surely they wont up our monthly payment when overtime isnt always there........oh dear..

As I have already said, if you have no overtime provision then there will be nothing extra to pay, but your IP will take a general view of your earnings over the last year when he/she does her annual review, and if additional monies have consistently been earned this may result in a slight increase, but only after your expenditure has also been reviewed.

ok melanie, thanks for that.

I'd just like to wish you all the best my review was Sept it took 2 months and I was a wreck even though i had overpaid by almost £500!Don't forget that legally an IVA company has up to 2 months to complete your annual review - this is really important list all inmcome but also ensure every single expenditure is listed I can supply a list as an example if you want it dont sell yourself short
good luck

yes please a list would be much appreciated,thanks.

these are the sort of things I meant:-

Rent/Mortgage and secured loan repayments
Buildings and contents insurance, repairs and maintenance
Life and health insurance
Pension
Council tax
Water rates
Electricity
Gas
Other fuel
Telephone (landline)
Mobile phone
Internet
TV - rental/licence
Paid TV channels
School meals, fares, uniform and other activities
Children’s clubs etc
Child care
Children's pocket money
Other fares
Vehicle tax, maintenance, insurance, MOT etc
Vehicle petrol
HP on vehicle
HP on household furniture and equipment
Child maintenance and/or maintenance to ex-spouse
Food and drink, personal care, cleaning, washing etc
Dentist, optician, prescriptions
Clothes and shoes
Newspapers and periodicals
Pet food and medical care
Cigarettes and alcohol
holidays, recreation, hobbies etc
anything else you can think of

best wishes

thanks for that,i wasnt aware you could list hobbies though?

just to let you know hobbies are included on the list we have to fill out but common sense to us tells us to leave it blank???