www.iva.co.uk

[:D]
when should i tell my IP about my new job i start on the 19th march and i get a payrise (yipee!!!!!!)

i will also need to work some nights and have asked a very good friend to look after the children and stay over night, i have agreed to pay them, but will the creditors take any notice that i am paying for child care if the person is not registered and approved. my husband and myself decided that a friend that the children knew and liked would be better than a complete stranger!!! (if you know what i mean)

hope some one can shed some ligh on the subject

thanks


wish i'd know about you all before!!

Hi freeme and welcome to the forum

You should inform your IP straight away of your increased salary. Make sure that you now complete a new statement of income and expenditure, as your position has changed and the additional costs will also need to be taken into account. Your childcare costs are vitally important to you earning this money, and it makes no difference to the IVA whether your minder is registered or not. Keep a record of the payments thought, in case your IP needs to see them.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Freeme,

Good advise from Melanie.

It’s only your surplus income that is taken into account for your payments into an IVA.

Good luck in your new job!

Kind regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

thank you melanie and nicola

i will ring them first thing tomorrow morning

do i ask for a new statment of income and expenditure or will they fill one out over the phone and send it for us to sign?



wish i'd know about you all before!!

Hi again

Ask them that when you talk tomorrow. I suspect that they will send you a form in the post to sign.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Melanie,

I just need to clarify something with you. I've seen it on one your previous post; You said that by paying extra (like overtime/payrise) into the IVA you may be able to pay it off early. How does this work exactly. Our debt mounts up to about £60k and we are paying 50p in £ (so thats about £30k + IP fees) we are paying £660 pre month. Now that i had a payrise the contributions will probably increase by about £200. (50% of the payrise)Maybe more overtime... Will that affect the lenght of the IVA? Or do we have have to pay 100% of the debt to make the IVA shorter? Correct me if am wrong if I was to pay double the amount per month (for example £1320 per month (i wish[:I])) that would still mean 60 months (100% of the debt). I am so confused. [|)]

Hi juditka

You will only be able to reduce the term of the IVA if you end up paying 100p in the £. This seems unlikely in your case, but you never know.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Melainie

I was wondering if you could help me in regards to the above.

I am currently paying back about 75p which seems to me quite high compared to some of the other posts that I have seen. I have just got as new job my self and I am offering about £200 extra a month so this would take me up more. If I could manage to go to more approximately how much time does this cut off your IVA?

I hope this make sense!

Judikta

I would need to know the level of your debts, how much money you have paid so far, and what fees your IP is charging for Nominee - and annual Supervisor fees to be able to work that out for you.

Happy to do that so long as you can give me the info.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk