I have been following this forum for a couple of weeks since my advisor told me about it but have only just registered as today my partner and i have received our proposals that have this week been forwarded to the creditors (and it all seems real now)...
Our meeting is for the 24th Aug at 11.30am so am hoping for a good outcome.
I have a question if anyone could help me please. My partners take home pay has been assessed as £1106.00 and i understand that we could have £106.00 as the extra 10% as stipulated in our proposal. My question is, if my partner worked over each month and brought home say £1300, which would take us over the 10%, therefore, paying them £42.00 (this being 50% of the remaining £84.00) at the end of the year review, because his income would be more than the original assessed wage, would we be expected to pay more to the creditors for the following year or because we will inform the supervisor each month that he gets more, and therefore pay 50% of the extra (over the 10% allowable )will it stay the same as we would have already have paid the extra 50%.
I would be very grateful if someone could enlighten me, I have already spoken to my advisor twice today and dont really want to bother him again just yet.....I think i've mashed his head
I hope this makes sense.......[:)]
Hi Iluvcats and welcome to the Forum.
There are two different issues-one relating to overtime,bonuses and commission while the other relates to increased income from pay rises, job change, promotion etc.
At the annual review any wage or living cost increases would be taken into account and the new payments agreed then. If for example your partner's income is then a basic £1200 he would be able to retain the first £120 the following year and pay 50% over and above that figure.
I hope this makes sense and best of luck with the meeting.
Hi Andy and thanks very much for your prompt response.
That has answered my query just fine. My partner doesnt have regular overtime and if the IVA is approved at the meeting, any money over the 10% will be sorted as often as they require it so that everything is above board.
I have to say that this forum is brilliant for people who have found themselves in this financial position... Before I did anything about sorting out our finances, I felt that my partner and I were the only ones and was rather embarrassed to be truthful, but its nice to know that there is support on here from people in the same boat.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Fingers crossed that all goes well on the 24th..
Will let you know either way. Our advisor seems to think that mine will be ok, and partners possibly be ok (4 out of partners 5 debts are with Lloyds TSB so will have to see) [:(]
Wot will be will be. Things can only get better. Just glad we actually sought help, pity we didnt do it sooner and save ourself a lot of worry.
Thanks again for the support guys. X