My wife went on to state pension at the end of March, our joint incomes were reduced when she retired, nevertheless we put in a frugal I&E and our monthly payments remained the same.
We have just found out she has been awarded a NHS 'Permanent Injuries Pension'of £30/week, this was the result of an industrial accident she had when she worked for the NHS over 20 years ago, she had no idea she was entitled to this money when she retired, she just got a letter telling her of the award.
We could really use this extra money but common sense tells us we have to declare it [V][V][V]
My question is, are we entitled to keep 50% [?][?][?]
IVA COMPLETED ON THE 17th MARCH, FINAL I&E COMPLETED 26th APRIL, COMPLETION CERTIFICATE ARRIVED 2nd AUGUST
You will have to declare it but I think you should be able to keep some.
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
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
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
This isnt overtime therefore the 50% rule probably doesnt apply. You could ask for a review of your I&E but as you only did it in march your IVA firm may expect you to pay over all of this extra money,at least until review time next year.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I hope you are wrong [xx(][xx(][xx(]
My understanding is you can keep 50% of any increase in income so that it benefits the debtor as well as the creditor, that seems fair to me.
I will know soon enough,I e'mailed my IP this morning, just waiting with some trepidation for his answer [|)][|)][|)]
IVA COMPLETED ON THE 17th MARCH, FINAL I&E COMPLETED 26th APRIL, COMPLETION CERTIFICATE ARRIVED 2nd AUGUST
I believe that 50% is reasonable but regardless redo your income and expenditure account to take into account changes in expenditure since March. Your IP may actually allow you to keep more than 50% if your I&E in March was too tight.
Given the budget rises, inflation, VAT etc I am sure there is plenty of scope in your expense account for some additional allowances.
Just got answer back from my I&E review team
They will consider the increase in income at my next annual review and at that stage if applicable will increase my payments by 50% of the increase in income, this will apply from the review date.
I couldn't ask for a better result, I'm over the moon [:D][:D][:D][:D][:D][:D]
IVA COMPLETED ON THE 17th MARCH, FINAL I&E COMPLETED 26th APRIL, COMPLETION CERTIFICATE ARRIVED 2nd AUGUST
It just shows that honesty pays dividends, being able to keep all of this money until next review will make so much difference to our life.
It's not a fortune but we were right on the edge for going under,it will make a massive difference to our lifestyle over the next few months, especially saving for Xmas.
I agree with Michael, it's a sensible decision.
IVA COMPLETED ON THE 17th MARCH, FINAL I&E COMPLETED 26th APRIL, COMPLETION CERTIFICATE ARRIVED 2nd AUGUST
