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 State Pension after start of IVA
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pickers
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3 Posts

Posted - 06 Feb 2017 :  09:52:43  Show Profile  Reply with Quote
My IVA has been running for 4 years. I'm due to receive a state pension in the next few months. In my IVA it talks of windfalls and extra income. I want to know if my state pension is classed as income or a windfall.

IVA Adviser
IVA Expert



734 Posts

Posted - 06 Feb 2017 :  11:34:02  Show Profile  Reply with Quote
Welcome to the forum pickers.

This will be treated as income.

You'll want to let your IVA provider know about this additional income and they'll be able to advise you about whether anything will change as a result of this.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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pickers
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3 Posts

Posted - 06 Feb 2017 :  12:16:47  Show Profile  Reply with Quote
Thanks for that it confirms my view. As my proposal says "a permanent increase in normal regular income will be used to increase my monthly contribution. I will increase my contribution by 50% of the net surplus after living costs". As my living costs are unlikely, at the moment, to increase am I correct in assuming that the net surplus means after any income tax deductions?
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IVA Adviser
IVA Expert



734 Posts

Posted - 06 Feb 2017 :  13:52:22  Show Profile  Reply with Quote
Yes - I'd expect your income to be assessed after tax has been accounted for pickers.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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pickers
New Member

3 Posts

Posted - 06 Feb 2017 :  14:00:34  Show Profile  Reply with Quote
Thank you
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