First review

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1

lauren711

User avatar
Posts: 4
Joined: Wed Oct 28, 2020 12:51 pm

Post by lauren711 » Tue Dec 29, 2020 5:05 pm
First review - hi everyone I have my first review in June 2021 . At the time of the Iva I was earning £2240 a month but this does differ sometimes as its shift work , every time I earn over the 10% mark I pay more into my iva . But I’m worried as most months I am earning £100 more ( which I don’t pay into the iva ) because it’s under the 10% . But some months I can earn £100 under the £2240 it just depends on the shifts available . Is my iva practitioner likely to increase my payments on my first review ? Or because I have been paying anything over the 10% mark I will be fine ? As some months are more and some are less by the time the review is due divided by 12 months on average I am getting £100 more than allocated on my iva , will they allow this ? Or will my payments increase by £100 , or will it be the 50/50 rule , as I’m worried if payments increases by £100 it’s likely some months could be low again and I wouldn’t be able to afford my iva payments . Thanks :)

Foggy

User avatar
Forum Expert
Posts: 31796
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Tue Dec 29, 2020 6:01 pm
They should treat your income in the same way as they did when setting the payments according to your first I&E, which hasn't really changed, so it should stay pretty much the same. You may need to argue the point, but this ought not to be the case.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

luluj

User avatar
Forum Expert
Posts: 10993
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Thu Dec 31, 2020 4:33 am
There is no significant change in your income and you are following the guidelines and making the additional payments as and when therefore I agree with foggy there shouldn't be any change.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”