over time, do i have to pay more more money?

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Andy.ap

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Post by Andy.ap » Sat Aug 28, 2010 7:01 pm
i sometimes do over time, do i have to pay more money each month to the iva if i do over time??? can they make me pay more?? after all its called
VOLUNTERY CONTRIBUTIONS.
im getting married soon to a thai girl, who will move to my house, she is not alloud to work so i have to support her, my voluntery contributions will have to change, is this a problem.
 
 

Adam Davies

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Post by Adam Davies » Sat Aug 28, 2010 7:13 pm
Hi and welcome
If you are in an IVA there will usually be a clause that anything over 10% of your usual net income you will pay 50 percent of that as an extra into your IVA.
A IVA stands for Individual voluntary arrangment and unlike bankruptcy creditors have a choice to accept or reject the offer, although they may be bound by the arrangement id sufficient creditors accept it.
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Andam Davies
 
 

kallis3

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Post by kallis3 » Sat Aug 28, 2010 7:30 pm
It is a legally binding arrangement as well, so once you agree to the terms by signing the agreement then you have to abide by what is in there. You can't vary your payments without permission, othewise you run the risk of the IVA failing.

You will need to speak to your IP.
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.
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