Six months into IVA & all is well. Wife has picked up some work but is not contracted or guarenteed. To cut a long story short we have been paying in half of what she earns extra into the IVA pot. However, this has triggred a new IE form to fill in.
We have recently had our tax credits cut by £90 due to an overpayment so they are now zero. My wifes wages are roughly £390 a month. Which basically equates to a £300 a month rise in income. On taking out the IVA I was lead to believe probably half of this would have to be paid back in.
IVA new figures
This is an increase in payments of £279. Forgive me if I am wrong but does that not mean my wife would be working for £21 a month. Don't get me wrong we want to pay back what we can but this seems a bit extreme. Any advice welcome.
I would think half of your wifes extra income would be fair otherwise as you say she is working for £21 per month.
Speak with your IP and try to agree that only half of her extra income is paid into her IVA
Thanks. I have tried that & was told that the IE did not work out that way. Her hours / earnings are by no way guarenteed either.
On signing up for the IVA I was under the impression that only half of any extra income would be payable.
As ever - it depends upon the wording of the contract that you entered into with your creditors - but under the IVA protocol (assuming that your case was presented in accordance with these guidelines) she should never have to pay over more than half her increased earnings.
Thanks for all your help and advice. A sensible conclusion has now been reached. We will have to pay in 50% of what Beverly earns. Apparently, because she has got the work after the IVA that is the ruling. If she had been working when the IVA was agreed then it probably would have all had to be paid in,. At least this means it is not pointless her working.
Glad you got it sorted Mark. Hope everything continues ok now.
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.
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