Increase of income

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
ralffik85
Posts: 8
by ralffik85 » Wed Jan 31, 2018 9:53 pm
Hi all, recently I entered IVA, my debt is around 16k, I'm paying 230£/pcm. First payment was taken from my accound this month. Now my circumstances changed my income gon up from around 1600£/pcm to around 2200£/pcm. This is due to me going from day shift to night shift (additional hours + shift allowance). at work I've been told that I will be permanently on this shift but from my own experience I know that it can change any time.

What should I do now, should I inform about it my IP (supercisor or how he is called) or for some time that extra 600£/pcm treat as a overtimes and see how long nights will last?

Second question is if I inform about my extra income how my monthly payments gonna be calculated? Will it be all my debt + additional fees divided into remaining 59 payments or will they start taking as much as they can to pay off my debt asap?
ralffik85
Posts: 8
by ralffik85 » Thu Feb 01, 2018 1:35 am
Ps. That income increase isn't in my contract so it can change any time
User avatar
luluj
Forum Expert
Posts: 10178
Contact
by luluj » Thu Feb 01, 2018 5:18 am
As it is not a permanent change then I personally would treat it as overtime and declare it each month paying the rxtra money as you go.

I would inform your IP today so that they are aware and can advise you otherwise.
User avatar
Foggy
Forum Expert
Posts: 26527
Contact
by Foggy » Thu Feb 01, 2018 8:06 am
I agree -- I would treat it as overtime as it isn't contractual or guaranteed. You will have to account for the extra under your 10% 50/50 rule. So, roughly on your figures you would be getting £600 extra per month. Assuming you have the 10% disregard ( not all do) you keep £160 and split the rest 50/50 ---- so you pay over £220. Your IP should do the actual sums for you.
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Ryan and 36 guests