If I earn more money will I have to pay more

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Lee.er

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Post by Lee.er » Fri Apr 30, 2010 6:02 pm
If I earn more money will I have to pay more to my IVA?
 
 

666

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Post by 666 » Fri Apr 30, 2010 6:16 pm
If you have more disposable income as a result then the answer is most probably yes.
But
If, for example, the job is located further away etc then that obviously needs to be built into a revised I&E.
 
 

Adam Davies

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Post by Adam Davies » Fri Apr 30, 2010 9:03 pm
Hi
An IVA ids based on disposable income, so if your basic income increases faster than your living expenses then you will have to pay more into your IVA, usually following the annual review. Overtime and commission payments are generally split 50/50 after you have retained the first 10% of your usual net wage
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Andam Davies
 
 

MelanieGiles

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Post by MelanieGiles » Sat May 01, 2010 3:09 pm
Increased income disclosed at the annual review stage, after allowing for all increased expenses, is generally divided on a 50/50 basis moving forward - so you would only have to increase your contributions by 50% of the uplift in disposable income - subject to the terms of your specific agreement of course.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Adam Davies

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Post by Adam Davies » Sat May 01, 2010 5:52 pm
Hi Mel
Is this going to be an agreement in general from all creditors going forward Mel ? If so pay rises and any promotion will be a big incentive and benefit for the debtor in the future
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Andam Davies
 
 

kallis3

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Post by kallis3 » Sat May 01, 2010 6:07 pm
I have had two payrises since being in the IVA, but have not had to pay anything extra across.
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
 
 

Adam Davies

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Post by Adam Davies » Sat May 01, 2010 8:00 pm
Hi
Has your disposable income changed Jan ?
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Andam Davies
 
 

MelanieGiles

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Post by MelanieGiles » Sat May 01, 2010 10:40 pm
Andy - this is a new provision introduced by the 2010 IVA protocol - which most good IPs have been including in their IVA proposals since 2007 when The Insolvency Exchange first introduced it as a modification.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Cath

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Post by Cath » Sat May 01, 2010 10:49 pm
That's heart warming news. I'm sure it will be in mine as have worried what might happen if hubby gets a decent promotion.
7 year IVA completed in December 2016 - there is light at the end of that tunnel
 
 

MelanieGiles

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Post by MelanieGiles » Sat May 01, 2010 11:23 pm
Definately in yours Cath!
Regards, Melanie Giles, Insolvency Practitioner
 
 

Shining

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Post by Shining » Sun May 02, 2010 8:31 am
I think it's excellent news and does encourage us within an IVA to gain promotion as we have had a few posts about this of late. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Sun May 02, 2010 9:39 am
Sorry Andy, just caught up with this again.

I do have slightly more disposable income now, expenses having gone up somewhat as well! However, IP was happy to leave the payments as they were.

Hubby has not had a rise in his pension at all this 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
 
 

MelanieGiles

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Post by MelanieGiles » Sun May 02, 2010 7:44 pm
Is yours a protocol based IVA Jan?
Last edited by MelanieGiles on Sun May 02, 2010 7:48 pm, edited 1 time in total.
Regards, Melanie Giles, Insolvency Practitioner
 
 

country girl

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Post by country girl » Mon May 03, 2010 6:10 am
Hi
This could be very good news for me. I am now working full time because of redeployment, at the moment of a trial basis but of course I did earn more money this month. I have told payplan and am waiting to hear. Although I realise I will have to pay more it would be nice to keep a little. We only have a very small maintenance allowance do think they might allow a bit more so that we could do somet decorating?
Linda
 
 

kallis3

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Post by kallis3 » Mon May 03, 2010 11:21 am
Sorry Mel, just caught up with this again.

Yes it is.
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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