hi at the moment in iva jointly with hubby
i am not working at momment as have had baby and we moved area's so couldnt go back to previous job , would my wage when i get a job part time around my hubbys hrs go 100% to iva or would it be 50% as it seems unclear in chairmans report i read as 50% but when talked to ip staff they said would review income and expenditure and work out payment from that it puts me off working a bit as i would be struggling if wage went for no reward yes it would probably pay the full debt and fees and interest but it would be so demoralising to recieve a wage and it all go on debt that a bank helped cause by saying 1 thing and doing another and adding £1100 charges in 10 days
sorry i'm waffling as i am confused yes we caused it but living apart paying two rents and bills and a lot of other little things no holidays or cars or anything like that
Are you separated from your husband? If not, why are you paying two rents?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm presuming then that your hubby's wages have been paying both IVA's?
You will find that some of your wages will have to go across towards the IVA. I imagine you will have to do a new I&E form once you get a job.
Why don't you give your IP a ring, explain what you are thinking of doing, and see what they say.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
yes my husband wage has been paying so far for us both as i was unemployed well had just ran out of maternitypay when iva was started and well was depressed and now feel able to work but want to work round hubbys hours as have no family locally and child care is pretty patchy and hard to find and as i don't drive public transport pretty poor and it would then be taxi's .but i would be very demoralised if what i worked for completely went over to debts i thought was 50% but when i spoke to ip staff they said have to do do new i and e i know have worked out would pay off faster by 7mnths that includes interest and ip fees if gave full wage maybe its me maybe its the worry of explaining again to 11 yr old that even though extra money will come in he will see none and less of me and no time together as family if work round hubbys hrs
sorry waffling i do want to clear this iva but i do begrudge the charges put on by 1 bank sorry have been struggling a bit of late with budget due to mot £400 and new radiator £185 which the car maintenance and contigency fund almost covered but had to penny pinch to pay in full
elldina
Hey Elldina, as Jan has said, you will need to complete a new I&E but don't forget that you may have more expenditure, especially childcare. You and your family come first so weigh up all the pros and cons. X
Your overall position will be reassessed when you find work again - as this may involve additional travelling or other expenses which also need to be taken into account.
If your husband is able to manage the full IVA payments and pay for all of the household expenditure from his income alone, you will need to think very carefully about the merits of returning to work to have the majority of that money taken to pay creditors - but the actual amount that you will need to pay will be dictated by the terms of your propsal.
thank you all for your replies i am going to hunt out propasal and check it i do so want to work but four years of handing it all over would be so demoralising but i 'd happily give 50%as that would pay based on minimum wage about 98%back
elldina
the only thing i can find is in modifications saying
a full review of i and e will be undertaken annually by supervisor
where net income has increased you shall increase contirbutions by 50% of net surplus after taking into account cost of living in month following review
so am i right that i would pay 50% of wage over that i would get
which i would be happy to do
but then says about overtime etc if sum exheeds 10% of normal take home pay then 50 % of that will be paid over
i think need to ring ip yo clarify
was getting excited about work and getting a bit more money and clearing iva
am confusing myself so apologies for my waffle apolgise for any spelling mistakes
elldina
Elldina, you're not waffling at all and you're probably helping others by asking these questions. Speak to your IP so you know where you stand and take it from there. Good luck. X
I would interpret that as a 50/50 split - if you had no income at all declared when the IVA was originally presented. "Increase in net income" is what it says on the tin, so there can be no arguement over that point!
thank you
melanie and andy and everyone
i can now feel excited about trying to get work and a bit more money
for us and iva have a half filled application form which will finish now
as i had no income when started iva just hubbys wage and war pension and forces pension
so its 50%phew ! thats me less like eyore more like tigger now
elldina
I've never seen someone happy about working and only keeping half their earnings - but well done to you for having such a positive attitude and good luck with the job hunting.
Do check this out with your own IP beforehand though, as they may have differing ideas of how to interpret those provisions, and of course they have detailed knowledge of your case.
thanks melanie
must be mad happy to give away 50% but its better than 100% and if i get to keep 50% i can buy little treats for my boys that i havent been able to and might even treat myself and hubby we spent the money even though wasnt really on luxeries but day to day things and bank charges grr and thats another story
will phone ip and see what they say
thank you all will let you know what they say and if i get a job lol
elldina
