Question about income and expenditure....

[s.b.w]

Hi all... posted a few questions recently regarding the fast approaching end (yes it's nearly over) of my IVA.

I presently have income of £1,300 and outgoings of £1,500, with my family and friends helping me out with the shortfall (I'm due a fairly big payrise in the near future which, fingers crossed, will bump my income up to £1,500, when it finally comes through).

My quetion is this:

If I receive a bonus or additional payment for something from my employees and it still brings me in under my actual declared income of £1,500, can they ask me to still pay half of it to the IVA?

They have in the past and I've managed to do it, but I don't see why, if my income is below my expenditure?

Here's how it stands:

Income £1,300

(Income at start of IVA was set at £1,500, but left my part time job and this has dropped tp the figure above).

Outgoings @£1,500

Your advice would be much appreciated.

Sharon

Arghhhhh!!!!!!!!!
If only I'd said NO!

[Adam Davies]

Hi
NO !!
They should not take the extra money until the shortfall has been bridged.I had a similar experience and succesfully argued the point.
Speak to your IP and ask them how you can pay extra money when you are £200 a month short
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

NO NO NO! And they are cheeky and irresponsible for asking for it! Andy is absolutely right - you should query this with them today, and I personally would be asking for some money back.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[s.b.w]

Thanks for that... it's really given me the confidence to ask a few questions.

This is what I mean when I've said in previous postings that they've been rather "funny" lately.

I pointed out that the additional monies I'd earned weren't even covering my basic income and expenditure, but they still made me pay them.

Not worried about the previous amounts, but I am concerned now because I'm having to ask friends and family more and more to help me out.

Your both a treasure!

Many thanks for your help

Sharon

Arghhhhh!!!!!!!!!
If only I'd said NO!

[s.b.w]

Still looks like this one is going to run and run.

Had a call with GT this morning and they are going by my original I and E.

I'll update you and as when things move along.

There isn't a major difference only that my travel has increased (I have supporting letters from my employer and line manager to explain this).

So fingers crossed....

Thanks everyone

Shaz

Arghhhhh!!!!!!!!!
If only I'd said NO!

Go to my blog at:

http://shazzy.blogs.iva.co.uk/

[Adam Davies]

Hi
Didn,t your original I+E show an income of £1500 and now it,s £1300 ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[s.b.w]

Yes it did, and that's what they are sticking with!

I'll be sedning off lettrs when I get my additional money through and see what they say... I guess it's a case of "watch this space"!

Arghhhhh!!!!!!!!!
If only I'd said NO!

Go to my blog at:

http://shazzy.blogs.iva.co.uk/

[BlueShoes]

Hi Shaz
Surely if your friends & family were not in a position to help out, your IVA would fail as you would be £200 short?
I think you need to make this clear to your IP so that they reconsider their apparently unreasonable response to you.
If you haven't got it, you can't pay it!
Blue

[s.b.w]

Thanks Blue...

V.good advice as always!

I'm sending ff payslip again the end of this month, so let's see what they want this time!

Shaz

Arghhhhh!!!!!!!!!
If only I'd said NO!

Go to my blog at:

http://shazzy.blogs.iva.co.uk/