whilst, we are aware of having to pay 50% of any additional income and have done so readily for the past 3 years of IVA, we are now entering our final year and have again been requested to pay 50% of a bonus paid last year. Whilst in essence this is okay as we knew the terms we signed up for, this does not take into account that shortly after receiving this bonus, husband was made redundant and his income dropped from net £2250 pcm to jsa equivalent to £240pcm, whilst IVA practitioner gave us a break, he remained on jsa for 3 months and we still had other commitments, rent , utilities etc and could not afford to jeopardise our IVA by getting into further debt and a loan/credit card/overdraft is not an option so we used what little savings we had as all surplus goes to IVA anyway (including the bonus) to basically survive over this time. Our IVA practioners have not taken this into account and simply state that they require 50% of this bonus. What advice can you give for this as I feel not only should surplus income be considered but massive reductions such as this should be accounted for? We want to enter final year happy knowing end is in sight and end our agreement honourably.
I would email the IP with a calculation for the loss of earnings in the period of U/E and suggest a revised figure to be paid over. I'm sure they'll be reasonable about this.
Kind regards,
Kind regards,
Angela Rosler
Insolvency Manager
Helping people with their debt problems for nearly 10 years.
Contact me directly for free, impartial, confidential help and guidance.
