pay rise, but cost of living has gone up

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Andy.ap

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Post by Andy.ap » Sun Aug 29, 2010 4:19 pm
i have had a pay rise, but cost of living has generally gone up, so why do i have to pay more. ----they also want 6 months bank statemants to see if i have savings, do i have to give them
 
 

kallis3

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Post by kallis3 » Sun Aug 29, 2010 4:28 pm
If your IP company ask for 6 month statements then you have to supply them.

You will need to speak to your IP to discuss your income and expenditure.
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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Pandy

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Post by Pandy » Sun Aug 29, 2010 4:41 pm
Hi Andy.ap
Welcome to the forum, not heard of them wanting bank statement to prove no savings before I thought it was just to confirm income, quite a few people on here have savings accounts for their contingency funds etc.
Last edited by Pandy on Sun Aug 29, 2010 5:39 pm, edited 1 time in total.
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Skippy

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Post by Skippy » Sun Aug 29, 2010 4:43 pm
The idea of an IVA is to repay as much to your creditors as possible, but you will probably find that some of your pay rise has been swallowed up with the rising cost of living. In that case you would only have to pay over anything left after the rise had been taken into account.

Is there any reason that you don't want to send your bank statements to your IP?
 
 

kallis3

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Post by kallis3 » Sun Aug 29, 2010 4:55 pm
You are allowed modest savings if you can manage it from your allowances.

Which company are you using?
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
 
 

orange

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Post by orange » Sun Aug 29, 2010 4:55 pm
arnt you allowed any saving on an iva?
we have to supply statements and on the first review we didnt keep our statements...but was told to obtain them from the bank at our expense!
completed july 2011
 
 

Skippy

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Post by Skippy » Sun Aug 29, 2010 4:56 pm
Yes you are allowed savings, but your IP is entitled to ask for bank statements.
 
 

kallis3

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Post by kallis3 » Sun Aug 29, 2010 5:03 pm
Agree, your IP can ask for statements they wish.

You are allowed savings if you can do so.

I don't have to supply statements to my 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.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

kallis3

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Post by kallis3 » Sun Aug 29, 2010 5:44 pm
You are allowed savings, but I've not heard of an IP asking for any proof of savings.

Whatever you can save from your allowances, or your 50% from overtime or bonus savings, is yours. You can have a savings account if you can get one.

I would still like to know what company you are using Andy as I've not known one ask for statements for savings.
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
 
 

MelanieGiles

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Post by MelanieGiles » Mon Aug 30, 2010 8:27 pm
If your IP is asking you to increase your payments, they should have taken account of increases in your expenditure before assessing the final sum. Has this happened?
Regards, Melanie Giles, Insolvency Practitioner
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