My income has increased but my expenditure has increased significantly.

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andrews
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by andrews » Thu Oct 19, 2017 2:15 pm
Hi I completed an income and expenditure last June. In July I got a new job which meant that my weekly take home has increased by £203.00 per month. However my income included £89.70 for child benefit which has stopped in August. So that leaves £113.30 more income.

I am due to complete an income and expenditure review at the end of this month as I have asked if I can complete a full and final offer. I have reviewed my expenditure which has increased quiet significantly since June 2017.

This has meant my surplus has changed from £152.51 to £101.44.

I am worried that I did not think to tell the IVA company of the raise? Based on the above what do you think will happen at the review will I be asked to pay more or less or the same?
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Foggy
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by Foggy » Thu Oct 19, 2017 3:05 pm
You should have informed them of the raise, however, most (not all) arrangements have a clause detailing that permanent raises are dealt with at the review following the raise and any increase applied thereafter ... so no damage has been done ( assuming you have that clause).

I would say that your payment will increase by the net increase in income --- so the loss of CB should be taken into account .. so an increase of around £57. I would include the increased expenses in your calculation, the IP might accept some and might reject some, but always worth the asking.
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