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JENNA052

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Post by JENNA052 » Wed Mar 10, 2021 12:35 pm
Hi there, i have a few questions that id like answering if anybody could help.
I got my IVA accepted in December (11th to be exact). The IVA is done on household income and my partner works and i am at home with our 1 year old. In december he worked extra time and got a xmas bonus, this was 300 pounds more than what he gets every other month and 1 off every year at xmas time. I didnt even think to tell this to my IVA when applying it just never entered my head. Do i need to mention this? will this crop up at the annual review which is Dec time this year. Im going sick with worry as i dont want this IVA to fail as its literally saved us.
Also once our son is 2 i am going to be going into full time work, how will this effect the IVA? i read that any extra income outside of the inital income when we applied, then 50% would be taken of extra earning and we just wouldnt be able to live if that was the case. I want a job when hes 2 so we can save money, live a better life as there is 5 of us (we have 2 other children aswell). But i dont want to have to work just to pay it all into the iva? is this just scaremongering rubbish ive read online? Or is this true? I emailed the person in charge of my IVA case and he just said once i get a job to show and submit earnings to them and theyll decide whether the amount changes. Not much more info was given.
Thanks, Jenna

Foggy

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Post by Foggy » Wed Mar 10, 2021 1:19 pm
As the IVA has been based on his income, he does need to report overtime to your IP. You are allowed to keep the equivalent of 10% of your usual agreed income, then split the rest 50 / 50 with the IVA ( assuming you have the usual 10% 50/50 clause --- sometimes they use a clause without the 10% disregard). Overtime and bonus payments need to be reported monthly, as they happen.

Permanent pay rises increase the regular IVA payment by 50% of the increase .... but, at that time, I imagine child care expenses will change as well, so they may well do a total review then.
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

JENNA052

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Joined: Wed Mar 10, 2021 12:25 pm

Post by JENNA052 » Wed Mar 10, 2021 1:38 pm
Hi thanks for your reply.
Also i have another question, this might sound stupid but to budget correctly me and my partner withdraw money so we can put it in a folder and sperate it and know what we are spending. for example we spend 500 a month on grocery shops and 100 on fuel etc. Is this allowed during an iva? as ive just realised when the annual review comes a lot of the money will be withdrawn.
Also do they care what you spend money on? I feel like im gonna be judged if i order a dominos once in a while or stuff from amazon.
Thanks

Foggy

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Post by Foggy » Wed Mar 10, 2021 1:47 pm
Wed Mar 10, 2021 1:38 pmJENNA052 wrote:
Hi thanks for your reply.
Also i have another question, this might sound stupid but to budget correctly me and my partner withdraw money so we can put it in a folder and sperate it and know what we are spending. for example we spend 500 a month on grocery shops and 100 on fuel etc. Is this allowed during an iva? as ive just realised when the annual review comes a lot of the money will be withdrawn.
Also do they care what you spend money on? I feel like im gonna be judged if i order a dominos once in a while or stuff from amazon.
Thanks
That is what I did for the first year of my IVA --- I insisted on using cash for everything and used to 'divvy' it up between envelopes just after each payday. Going forward, they are more interested in income, rather than what you spend on.
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

JENNA052

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Joined: Wed Mar 10, 2021 12:25 pm

Post by JENNA052 » Wed Mar 10, 2021 1:55 pm
Thanks so much!
Also one last question, are we ok to save up? We are trying to save any dispoasable income for next summer to do some things on the house. If at the annual review we have 1000 saved up and sitting in the bank will they take that? or are we allowed to save up?.Thanks

kallis3

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Post by kallis3 » Wed Mar 10, 2021 2:12 pm
You are allowed to make savings from allowances if you can also, if you get overtime or bonuses your normal IVA states you hand over 10% plus 50/50 on the rest which is yours to do with as you wish. If you have cash gifts from relatives, they are also yours unless they are a substantial amount. I would suggest you open a separate account to save such money or, as Foggy suggests. use the 'bank of mattress'.

I did a lot of online surveys during mine (and still do) which funds birthdays and Christmas for the family.
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

Foggy

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Post by Foggy » Wed Mar 10, 2021 2:17 pm
If your expenses have been correctly calculated, you will only be able to save modest amounts ( and I am talking about a tenner here and there).
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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