iva advice

toonfan2005

Hi am new to these boards. So hello

Right i've recently applied for an iva, and the first payment is due out in January. I've debts of £30k and the iva company says the maximum amount i can earn is £315 per week, im a scaffolder so what happens is i go to work offshore between march and october and earn about £2200 per month (I have told them about my plans to go offshore), then i always get paid off in october, and go back to work onshore between october and march on roughly £300 per week, which is how i got into this predicament is suppose living beyond my means. Right my question is: Can i be thrown off iva for earning the £2200 per month, or will they be happy to adjust the payments?.

Hope what i've wrote makes sense

Thanks in Advance

Lee

FoggyBrain_2

Hi Lee. You really need to check with your IP. But the way I see it is that they have put your "normal" income at £315 per week. Anything over that will be classed as overtime and, depending on your proposal, you will either be required to pay over 50%, or, if lucky, be allowed to keep the equivalent of 10% monthly salary, and then pay over 50% of the balance.

Who are you with ?

toonfan2005

Am with Grant Thornton, thanks for the advice a think i'll ring them on tuesday just to see where i stand.