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gareth929

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Post by gareth929 » Fri Oct 11, 2019 11:52 pm
When I first took out my IVA I was earning 2150 a month take home. Now I work away and I earn 5000 take home a month. I am paying 200 a month to my Iva how much more will I have to pay them thanks
 

Marty171

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Post by Marty171 » Sat Oct 12, 2019 2:39 am
£3050 per month unless your expenditure has changed as well.
IVA Started 07/07/2017
F & F Accepted 06/09/2019
 

kallis3

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Post by kallis3 » Sat Oct 12, 2019 8:11 am
You need to speak to your IP about this and do a new I&E. Some IP's don't bother with a payrise until your next review.
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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.
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Foggy

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Post by Foggy » Sat Oct 12, 2019 9:36 am
Your IVA payment will increase by half of the net increase in income. As you are working away, I imagine that you will have extra expenses that will have to be deducted first.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Foggy

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Post by Foggy » Sat Oct 12, 2019 10:20 am
Assuming no extra expenses, the usual terms in your IVA and everything else remains the same:

Current salary = £2150, new = £5000 --- so an increase of £2850. Half of that is £1425. Add on the current payment and the new one will be £1625.

But, as I mentioned before, there is every likelyhood that your outgoings will have increased too, so the new payment would be a little less, I am guessing.
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
 

Lisa Thomas

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Post by Lisa Thomas » Mon Oct 14, 2019 8:16 am
Does the increase relate to a payrise or overtime?

If it's a payrise your contributions will likely increase by the net increase.

If its overtime, as Foggy as pointed out, you will likely pay over c50% on the 10/50/50 rule.

Check your T&Cs and any modifications to confirm.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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