Do I have to pay full amount of disposable income

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sarah.x

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Post by sarah.x » Wed Jun 23, 2010 12:11 pm
Do I have to pay the full amount of disposable income left one my outgoings are taken from my income? I read somewhere that you only pay 50% of what you have left. If you have to pay the full amount of what you have remaining - what happens for Xmas/Birthdays/Family holidays/emergencies? I don't expect to live the high life but with children need to be able to provide for them at Xmas at least
 
 

GettingHelp

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Post by GettingHelp » Wed Jun 23, 2010 12:24 pm
Hi Sarah, a warm welcome to the forum.

All your disposal income will be used to pay into the IVA. Things like xmas/holiday's/birthdays etc will have to be saved for out of your allowances to make up a contingency fund should anything ever occur. I find that a realistic budget helps you to do this, so its important that your I&E is reflective of your individual circumstances and not made to fit some criteria.

It is possible, finding alternatives, opting for a less expensive variety in food is always a good way to budget.

The key is to plan, and those pennies will soon mount up. Hope this helps.
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GettingHelp

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Post by GettingHelp » Wed Jun 23, 2010 12:27 pm
just to clarify the 50%, I think where the confusion comes in here is the overtime criteria. The first 10% is kept by yourself, anything after that the 50/50% rule applies, usuallly this is handed over to your nominated IP within a 14 day period of receipt depending on the firm you are with.
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kallis3

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Post by kallis3 » Wed Jun 23, 2010 12:56 pm
Some companies do a straight 50/50 without the 10%. Depends on what it says in your proposal.

As to Christmas etc., I'm afraid you will have to save up for that from your allowances.
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