Increased salary - will I lose it all in my iva?

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patrick526
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by patrick526 » Fri Jun 01, 2018 6:38 pm
I am currently in an iva and have started a new job with which I shall be getting considerably more money, obviously I am aware that I shall have to give more towards my iva. Do I have to 100% of all I shall earn or is there a way I can have some towards my overall living expenses.

Also when I had my last yearly review I gave myself and my wife’s total expenditure, but my wife is nothing to do with any of the debts, I do not know if I change anything about what I am currently spending (nor do I know how much I am allowed to spend on the day to day) if I shall end up owing anything.
(They are aware that my wife is not part of any of the debts)
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MerlinL14
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by MerlinL14 » Fri Jun 01, 2018 7:52 pm
Your IVA company have no legal 'right' for access to your wife's income figures, at worse they can assume 50% of the total bill for household bills and utilities* are hers if she refuses to submit to their requests for proof of income *(figure that you specify in your Income and Expenditure report).
I had a change of job during my IVA, like you it also meant a big increase in monthly income, my IP took 50% of the increase for the period leading up to my next yearly review, lucky for me that was near 10 months away. At the next review I just listed my new expenditure which included rises to travel and clothing costs because of the new job.
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patrick526
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by patrick526 » Fri Jun 01, 2018 10:56 pm
MerlinL14 wrote:
Your IVA company have no legal 'right' for access to your wife's income figures, at worse they can assume 50% of the total bill for household bills and utilities* are hers if she refuses to submit to their requests for proof of income *(figure that you specify in your Income and Expenditure report).
I had a change of job during my IVA, like you it also meant a big increase in monthly income, my IP took 50% of the increase for the period leading up to my next yearly review, lucky for me that was near 10 months away. At the next review I just listed my new expenditure which included rises to travel and clothing costs because of the new job.

MerlinL14 wrote:
Your IVA company have no legal 'right' for access to your wife's income figures, at worse they can assume 50% of the total bill for household bills and utilities* are hers if she refuses to submit to their requests for proof of income *(figure that you specify in your Income and Expenditure report).
I had a change of job during my IVA, like you it also meant a big increase in monthly income, my IP took 50% of the increase for the period leading up to my next yearly review, lucky for me that was near 10 months away. At the next review I just listed my new expenditure which included rises to travel and clothing costs because of the new job.


I was a little worried about being able to pay for my iva so I may of altered some of my partners figures to make it look as if I could afford more, however my partner is on far superior wages to myself and was paying for more than I could afford, now with my wage increase what am I allowed to spend for an average family, so I can truly show I am finally paying the iva in full.
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Foggy
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by Foggy » Sun Jun 03, 2018 10:57 am
Having declared and accepted her share of household expenses this usually remains fairly constant --- you could be opening a can of worms by basically saying that you lied at the outset ! Whilst what Merlin describes is essentially true, it is not always the case. Sometimes, due to affordability a solvent partners wages will be pulled in, by agreement. Also Payplan will base the disposable income on "household income", making the solvent patner actually pay some of the insolvent partner's debts. Also Merlin's treatment of his pay rise isn't typical and will depend on the actual wording of the terms in this respect. In my case a permanent pay rise was ignored completely until the next annual review following the rise and only after the review was there an increase in my IVA payment, equivalent to 50% of the rise.
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