Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By kizzy
#160515 Thanks for your reply - How would he prove this? The hotel is paid separately so is not part of the allowance. He literally buys food/meals, does his laundry, buys a phonecard, pays for drinks etc with cash - he can't really prove that he has totally spent the money - some days he spends less than his daily allowance sometimes more but none of it is receipted. It shows on his pay slip as "Allowance 1".
Really confused now as it is not part of his wage, not a bonus, not a windall - it is an additional daily expense that had not been accounted for in our I & E. I think I will double-check with the IP as its costing us a fortune.
K
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By submariner
#160539 My twopenneth on this is that the expenses should be treated entirely separately to income. It's not part of salary (in that he's required to spend this money on company business) and in many companies it would be, say, paid on a company credit/debit card and separately repaid straight back into that card account so you never actually see any real "money" at all. The fact that its paid into his account, in arrears, is - IMHO - irrelevant, it's still something that the company want him to spend on their behalf.

I fully agree that it will do no harm to clear this up with the IP once and for all so that they don't think that that item on the payslip is anything to do with income as such.

Best of luck
By kizzy
#160590 Just spoken to IP - at the review in November she wants us to send in all pay slips for the last year and highlight the living expenses - which we can keep. She will then work out the 50% required to be paid to them for purely o/t, bonuses & shift allowance etc - any anything else will be ours. We have saved all the money so far so we won't be in for a big shock in November (I hope lol!) and we will hopefully have quite a bit of residue from scrimping & saving over the past few months since he has been away

Hubby has a corporate credit card but that covers flights, hotels, car hire etc so that is dealt with separately. It was only the living expenses that we couldn't fathom out how to deal with.

Many thanks for all your help.
K
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By submariner
#160605 That sounds good then (or as good as you could expect LOL!). Hopefully there should be no problem in showing the living expenses as a normal and legitimate (work related) expense, especially as it is paid as a separate line on the payslip.

Presumably you will try to include this as a new expense category on an updated I&E at the time of the review. After all, it doesn't really change any income expectations on the part of your IP or the creds.

... and yes, I remember that gathering all the bits and pieces of funds that you can "squirrel" away quite legally is a lovely feeling during an IVA and really helps develop a new "value of money-concious" way of life.

All this seems to be a basis for having a good weekend I guess, so here's wishing you just that. :D
By kizzy
#160705 Hi Submariner, yes we will submit a new I & E - and I will send a covering letter detailing each months o/t. bonus, shift allowances and living expenses although they are quite clearly marked on the payslips - once this has been double checked by the IP she will ask for the amount she thinks we owe. Hopefully, as I said we should have quite a bit left over that will be ours - we might even be able to afford a week in Bognor next year! - lol.
It is really refreshing to have money left each month after paying all the bills etc that we are able to save - we haven't been able to do that for years and the whole family have become really "money aware" now. I hope the children will learn from our new found guidance in how to budget and manage their money in the future.
Hope you have a good weekend - I feel much better now - onwards and upwards!!
K