Paying for an IVA monthly when income is 4 weekly

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by jean821 » Wed Feb 06, 2019 9:48 am
Is anyone out ther paying an iva while on a State Pension. How do you work thoings out? I am completely confused - my pension is paid every 4 weeks but in order to work out the allowances and iva payment it is divided into 12 months and therefore the iva payment and allowances are more than I physically get paid into my bank account each month. Can anyone help, please?
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by Foggy » Wed Feb 06, 2019 11:00 am
Most IP's will be able to make allowance for the 4 weekly cycle with a little applied maths --- talk it over with them at the outset.
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Lisa Thomas
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by Lisa Thomas » Wed Feb 06, 2019 12:35 pm
Are you already in an IVA?

If not you don't have to make the payments monthly, you can complete a 4 weekly I&E and pay every 4 weeks instead.
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