1. My partner changed jobs in december before the IVA started and only got paid 2 weeks wages from her old job so in January she got paid nearly double her normal wage, bit concerned as this would use all her 10% up in one go, how would this work as we struggled in dec on 2 weeks wages before the IVA started in Jan.
2. Is the 10% based on both of our income as a whole?
3. Should i tell the IVA company about the dec issues with wages?
4. Does the 10% over work from the start of the IVA or the TAX year?
You need to speak to your IP regarding the shortfall before the IVA to see if they agree that the later "extra" pay can be considered to be from the short month. You should eep your IP in the loop about everything of a financial nature.
The 10% disregard is on a monthly basis and extra pay should be accounted for on a monthly basis and paid in monthly. Unless you have a varying base rate (self employed, for instance) it is not averaged out over any period.
Who is onlineUsers browsing this forum: No registered users and 14 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location