Hello, I am after a little advice please. My husband and I are in interlocking iva's. We have just submitted wage slips and I&E forms for our first yearly review. We have received emails back stating our monthly payments are nearly doubling. Between us we have had pay rises totaling £180 per month roughly but with the increase in expenses that almost cancelled that out.
They have worked the new payments out on my husbands average wage from last year rather than his actual wage due to him getting alot of overtime last year. All overtime payments were made correctly each month. The monthly wage they are now quoting is £700 more than what his flat wage is. We have questioned this as we expect overtime to stop in May time and no way would we be able to make the new payments on a flat wage. Is it not unfair that we have to.save our half of the overtime he may get for the next two months to plug this gap? They have said they can look at reducing the payments should this happen. Does anyone know if this can be done straight away or will it have to go to a vote if its a reduction of more than ten percent? Very wary of agreeing to this but don't really know what else we can do? Thank-you in advance ☺
They have the discretion to reduce your payment by up to 15%, based i=on the originally agreed payment, so, basically, they can go down to your original payment and 15% below without reference to creditors. However --- they should not be basing your income on any included overtime, but on basic and any guaranteed extras only.
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
Thank you for the prompt reply. This was our thoughts too. Is there anything we can do do you think? We are with a well recommended firm who seem to get very positive posts on here and who when we set up the iva last year were excellent. The expenditure side has been very fairly done too. Just this new baseline wage they've suggested is worrying us incase we end up with no money on the months he's getting £700 less than they have worked out!
I agree with Foggy - speak to them and explain things and ask to do another I&E with true figures
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