IVA Q's

boblardo

We are in the process of entering into an IVA. We have the creditors meeting scheduled within the next 2 weeks, our proposed contributions are £300(ish)

The question I have is;

My wife and I have an interlocked IVA, I am the only income earner at the moment but my wife is considering going back to work part time.

What happens to her salary; we have already done an income and expenditure with our IVA Company so in my mind any additional income will be sucked up by the IVA company. effective meaning there is little benefit to us if my wife returns to work

Or would they need to redo the income and expenditure which will also give us a little extra?

Hope that makes sense

Bob

Foxy-Stoat_3

50% of any additional income will need to be paid into the IVA at the anniversary, so you will need to SAVE half of it and expect to cut your IP a cheque at the anniversary. Your expenditure will be reassessed and payments revised.

Obviously when you reassess your expenditures the traveling expenses and car servicing etc etc will need to be increased due to getting to and from the new job.