Nearly 2.5 years into IVA (my own). Just had review which has flagged up some issues. Did lot of overtime, and paid appropriate uplift figures each month, IP wants to effectively review I&E again based on the salary over last year, which in itself could well dramatically increase my monthly payment despite overtime being hit and miss grrrrr.
I know there are caps re. Expenses that can be stated. What is situation with my partners credit commitments? Say they had went up a bit, can I state this, or am I bound by the original figure or is there a limit/percentage of household budget that can be claimed?
Her commitments will not be taken into account, I am afraid, as none of her actual money should form part of your payment. As for the review -- I take it these "issues" are from the 2nd annual review. I would ask the IP specifically why they wish to do an interim review -- and, if they want to try to incorporate overtime into the basic salary tell them that you will simply stop doing the overtime !! They cannot work out the regular payment on a wage which includes elements which are far from guaranteed and it is not only unprofessional to do so, but very dangerous and could jeopardise the IVA going forward !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy, thanks for that. I thought it was very odd too. Yeah 2nd review, and told me that i stop doing overtime let them know and they can do interim review. Really handy that, if they have already increased my monthly payment which i assume they plan to imminently once they get my updated I&E sheet back.
Re. Partners commitments, do they not get taken into account to work out household expenditure, then deducted from income, and the surplus is monthly figure? Eg. Say household income 2500, household expend 2000 then my monthly pay is 500?
I agree with Foggy. Your partners income should only help towards your household bills and nothing else.
Sharing from experiences of dealing with debt
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"Re. Partners commitments, do they not get taken into account to work out household expenditure, then deducted from income, and the surplus is monthly figure? Eg. Say household income 2500, household expend 2000 then my monthly pay is 500?"
Are you with Payplan ? They are the only firm which routinely takes household income. Most firms will only use the solvent partner's income to assess the fair share of household expenses i.e. if you both earn roughly the same you share expenses 50 / 50. The IVA payment should be based on your disposable income only.
Using the figure you gave above and assuming you both earn roughly the same, i.e £1250 per month each, with household expenses at £2000, so £1000 each, your disposable income would be £250.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Its McCambridge Duffy. Based on the formula you suggested, they will now be looking 280quid extra a month off me, nearly 50% increase, thats lunacy.
I hope that the figure you have quoted is what you think they will be after when (and if) they take the overtime into account ... which I still maintain that they should not be doing. Aded to this, they should only take 50% of a permanent pay rise ( which is what they want to treat this as) -- They can't have it all ways !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yeah they want me to put down average figure of may 18-apr 19 as my salary on my May 19 yearly I & E form. Ironically May onwards have been flat months, so in my opinion May 19 I&E should be my basic salary.
Just reread your last message. By my calculation it would be 280 Extra pm lol. Every month i did OT i rang on payday to make uplift payments. Whilst i understand what they mean by increased salary means i could earn more before any uplift required, it also screws me every month especially flat months. Very confusing
