Posted: Sat Feb 02, 2008 12:09 am
Hi,
I've been in an IVA 2 years and now due 2nd my annual review. I've had no problems so far but I've been trying to get an answer to this question from my IP but he hasn't very helpful so I wonder if anyone out there can please assist me?
6 months ago I had to move to a different job (with the same company) nearer home to stop me commuting so far so I could help my wife care more for our very young child (he's only 9 months old). To do this I had to take a pay cut of about £130 per month.
The IVA is in my name only and my wife has not been affected. My wife works full-time and since going into the IVA my wife as well as going half with all the bills etc. has supplemented my income each month to ensure I can maintain my contributions to my IVA.
I was told at the start by my IP not to include all of my wife's income and only include what she pays me each month for bills and the supplement she gives me because all of the debts were in my name only and my creditors are not able to touch whatever spare income she has left over at the end of the month. Just as I was told that when I try to release equity from my property in the 4th year my creditors are only entitiled to half of any profit made as my wife is entitled to the other half as the house is in both our names (could someone please confirm that this correct?).
At the moment we've had a huge increase in our mortgage and some of outgoings such as the upkeep of our little boy as well as me taking a pay cut. My wife is supplementing me more each month to ensure my contributions are paid.
I'm not looking to reduce my contributions each month as we are both managing as my wife pays a huge chunk of the utility bills and child costs etc. with what income she has spare after paying me.
The real big question I need answering please is that recently I have been given the opportunity to work overtime (not on a regular basis) and if I work it, it calculates out to be the £130 pay cut that I have had to take and will also relieve some of the financial pressure my wife has in paying me more each month and I can contribute more to the upkeep of our home and our little boy.
What my IP can't tell me is how I show this on my new income and expenditure sheet. Do I include the overtime in my total income and show a lower income for my wife without the extra supplement she gives me each month or vice versa?
I'm confused because I don't know what decision to make about the overtime and like I said earlier its not guaranteed every month. Compared to this time last year I'm no better off because of my mortgage etc. (even taken into account my lower petrol costs from moving jobs) its just my wife increasing her monthly supplement to me and paying for more of the bills and things that is making things manageable.
I'm sorry this is so long winded but I spoke to my IP this morning and explained all of this over the phone but he couldn't give me an answer whatsoever.
Any help or guidance would be much appreciated.
Thank you
I've been in an IVA 2 years and now due 2nd my annual review. I've had no problems so far but I've been trying to get an answer to this question from my IP but he hasn't very helpful so I wonder if anyone out there can please assist me?
6 months ago I had to move to a different job (with the same company) nearer home to stop me commuting so far so I could help my wife care more for our very young child (he's only 9 months old). To do this I had to take a pay cut of about £130 per month.
The IVA is in my name only and my wife has not been affected. My wife works full-time and since going into the IVA my wife as well as going half with all the bills etc. has supplemented my income each month to ensure I can maintain my contributions to my IVA.
I was told at the start by my IP not to include all of my wife's income and only include what she pays me each month for bills and the supplement she gives me because all of the debts were in my name only and my creditors are not able to touch whatever spare income she has left over at the end of the month. Just as I was told that when I try to release equity from my property in the 4th year my creditors are only entitiled to half of any profit made as my wife is entitled to the other half as the house is in both our names (could someone please confirm that this correct?).
At the moment we've had a huge increase in our mortgage and some of outgoings such as the upkeep of our little boy as well as me taking a pay cut. My wife is supplementing me more each month to ensure my contributions are paid.
I'm not looking to reduce my contributions each month as we are both managing as my wife pays a huge chunk of the utility bills and child costs etc. with what income she has spare after paying me.
The real big question I need answering please is that recently I have been given the opportunity to work overtime (not on a regular basis) and if I work it, it calculates out to be the £130 pay cut that I have had to take and will also relieve some of the financial pressure my wife has in paying me more each month and I can contribute more to the upkeep of our home and our little boy.
What my IP can't tell me is how I show this on my new income and expenditure sheet. Do I include the overtime in my total income and show a lower income for my wife without the extra supplement she gives me each month or vice versa?
I'm confused because I don't know what decision to make about the overtime and like I said earlier its not guaranteed every month. Compared to this time last year I'm no better off because of my mortgage etc. (even taken into account my lower petrol costs from moving jobs) its just my wife increasing her monthly supplement to me and paying for more of the bills and things that is making things manageable.
I'm sorry this is so long winded but I spoke to my IP this morning and explained all of this over the phone but he couldn't give me an answer whatsoever.
Any help or guidance would be much appreciated.
Thank you