IVA Feedback and Payrise

16 posts Page 2 of 2

Parki1979

Posts: 10
Joined: Sun Nov 21, 2021 6:11 pm

Post by Parki1979 » Wed Jan 12, 2022 11:53 am
I have submitted my payslips and am unable to understand my new amount.

The current total monthly net income shown in your budget is £1,519.46
If this increases by 10% or less, you won't need to make an additional payment into your IVA
So, your net income could increase to a maximum of £1,671.41
If your net income is more than £1,671.41, you will need to make an additional payment into your IVA
The additional payment will be 50% of any net income earned above £1,671.41

My payslip had my pay after deductions of £1,864.84

My payments have gone up from £364.73 to £487.42. I am unable to understand the working out as I thought it would be around 461.44

Additionally to this I have put my expenditure up due to the extra cost of living and never adjusting in the 4 years. Car expenses have gone up as it is 10 years old, Living costs have gone up as I have a hidden disability after my IVA, so improving my diet and such as have been recommended. My rent had also gone up some time ago.

I am failing to see how my new payments have been worked out. I expected £461 at the most, but less with my additional expenses.

Any ideas what I am missing?
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