Extra income

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jean821

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Post by jean821 » Thu Jun 06, 2019 11:38 am
Advice, please. I recently received an increase in my Pensions amounting to £41.00 per month. I told my IPP who asked me to undergo a four month review. I amended my income on my income/expenditure sheet to show this increase but I have just received a letter telling me that after reviewing my income my monthly payment to the creditors will not be changed and will remain the same. What should I do with the extra income? Or, do you think they have made a mistake?

Foggy

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Post by Foggy » Thu Jun 06, 2019 11:43 am
I imagine that they have taken the sensible view that, as everything else costs more, there will not be much left of the extra income to worry about.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

kallis3

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Post by kallis3 » Thu Jun 06, 2019 11:45 am
I agree.
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

dorothy245

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Post by dorothy245 » Fri Jun 07, 2019 6:56 am
my pension went up by £41 and I had an extra £11 per month to pay

Lisa Thomas

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Post by Lisa Thomas » Fri Jun 07, 2019 8:27 am
I think they may be saying that the extra pensions are too high and will not be accepted as part of your expenditure.

You either need to reduce some of your other costs to be able to afford the pension increase or may even need to consider opting out until your IVA has finished.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Fri Jun 07, 2019 8:45 am
Fri Jun 07, 2019 8:27 amLisa Thomas wrote:
I think they may be saying that the extra pensions are too high and will not be accepted as part of your expenditure.

You either need to reduce some of your other costs to be able to afford the pension increase or may even need to consider opting out until your IVA has finished.
My understanding is that the posters are referring to an increase in pension payouts, therefore income, rather than contribution increases.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

kallis3

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Post by kallis3 » Fri Jun 07, 2019 9:18 am
Is it private or state? If the latter you will have an increase every year.
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

Lisa Thomas

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Post by Lisa Thomas » Fri Jun 07, 2019 10:25 am
Thanks Foggy, sorry I had misread the post.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

jean821

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Post by jean821 » Fri Jun 07, 2019 11:17 am
Re: Extra Income. I may have misled you in my previous question. The £41 is EXTRA income from my State Pension and one private pension. My question is 'why hasn't my IP increased my monthly payment to them'. And, am I allowed to now use this extra income as exenditure or should I save it in case they ask for it later? I am confused more than ever now.

kallis3

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Post by kallis3 » Fri Jun 07, 2019 12:30 pm
You can always put it aside just in case and build up a bit of savings if they don't demand it.
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
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