Hi, I have been adviced to go into an iva

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gareth.80

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Post by gareth.80 » Fri Jun 25, 2010 6:05 pm
Hi, I have been adviced to go into an iva with my partner. My basic salary is about 1100 a month however I get a monthly bonus and overtime every month. SOmetimes this can be 200 sometimes 600. Would I be expected to pay this over in full? My wifes debts are much more than mine so does this make any difference. I would be gratefull for any advice. Thanks Gareth
 
 

Pandy

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Post by Pandy » Fri Jun 25, 2010 6:32 pm
Hi Gareth.80 welcome to the forum, from what I can understand and I am relativily new to all this, when working out an IVA it is the size of your disposable income in relation to the debt and what the return per pound of debt to the creditors will be, not the actual size of the debt. Although one of the experts will be able to give a better answer,
Overtime seems to be 50% handed over though some of us have a 10% rule where were only have to hand over 50% after the first 10% of any increase in your normal basic monthly pay. Each IVA is different so it depends how yours would be worded.

Sorry I cant be clearer I am sure lots of others will give you further advice in a clearer manner [:D][:D]
Last edited by Pandy on Fri Jun 25, 2010 6:32 pm, edited 1 time in total.
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MrsKnight

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Post by MrsKnight » Fri Jun 25, 2010 6:52 pm
Hi Gareth n a warm welcome to the forum

Excellent post from Pandy.

Im no experienced poster either - but one of our forum experts will be along to advise.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



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kallis3

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Post by kallis3 » Fri Jun 25, 2010 7:21 pm
Great post by Pandy.

Overtime and bonuses are usually worked out on a 10% then 50/50 basis.

Even though you get this bonus and overtime every month, it should not be included in your income calculations.

I don't know what company you have spoken to, but I would suggest that you speak to one or two more before making a final decision. Visit www.iva.com and speak to one of the firms on there. The advice is free and impartial.
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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