Problems with 4 weekly pay in our IVA

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jamie584

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Post by jamie584 » Thu Apr 22, 2021 1:52 pm
We are in the 1st year of the IVA, not really working as monthly budgets are worked out over 12 pay days but I get paid every 4 weeks. therefore the extra pay day falls in December so we are short every month and its been extremely hard. on top of this our universal credit has not paid us several times due to the way they work out the pay windows and as I am paid every 4 weeks it tends to fall within the same pay window, not every month I must say but at least 4 times.
I have received an annual bonus, I understand that the first 10% is ours then its 50/50. my question is that once the annual review is completed in the summer will they take this missed income into account and allow us to split the remaining money 50/50 once we have taken the income that we were supposed to be getting. i.e. if we didn't receive universal credits to a total of £600 could we take this from the bonus money and split the balance.
Hope that makes sense

Foggy

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Post by Foggy » Thu Apr 22, 2021 3:15 pm
You need to discuss this with your IP as matters will only get worse as time rolls on ... maybe they can switch you to 4 weekly payments, rather than monthly and recalculate the payments on that basis.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

jamie584

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Post by jamie584 » Fri Apr 23, 2021 9:02 am
Thanks for the advice, do you have any advice on my second point around bonus and income totals of the period of the year?

Foggy

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Post by Foggy » Fri Apr 23, 2021 9:34 am
I am afraid that the answer to your second point will also need to come from your provider. There is a lot of discretion built into these arrangements and IPs do vary as to their interpretation and the amount of discretion they are willing to use. But do try to get any agreement in writing -- just in case.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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