wages and monthly outgoings have increased

[kaf2]

I am due for my second annual review in march and I am really worrried because:
1) I think I will be expected to pay more each month because my wages have increased but my monthly outgoings have gone up as well so I don't think I wil be able to.
2) I am expected to pay 50% of all earnings over the original amount I was earning which this year could be over £1000. However because of the increase in outgoings I have absolutely no chance of doing this - I don't have the money!
What am I supposed to do - the IVA was suppposed to help but now I am as stressed as I was before...

[goulda]

hi kaf2

I am in the same boat who are you with

A. G. Gould

[aguise]

The best thing to do is to speak to your IP and get advice now rather than wait for review. A lot do pay overtime in on a monthly basis as it saves this situation arising. I am sure you can come to some way of dealing with anything owed but better not to let it get worse, you may find some of it cancelled out with your expenditure rises. Try not to worry about it, but deal with it now rather than in a couple of months.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[MelanieGiles]

It is a pity that your IP did not carry out quarterly review of your earnings as we do in my practice, as this issue could have been spotted a lot earlier. If you have genuinely incurred additional expenditure, and you can provide evidence of this, then your IP ought to offset this firstly against your share of the 50% uplift, and let any balance be allocated against your share before assessing what is due.

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

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[Adam Davies]

Hi
The whole idea of an annual review is to review BOTH your income and expenditure,so if both have increased and cancel each other out then you will not be expected to pay anything extra.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp