annual review coming soon

[k24civic]

hi everyone
I am expecting my 1st year annual review with payplan in September
I havent missed any payments so far, which is good
My wife this month earnt some extra money for over time. Which wasnt paid for over 4 months and suddenly paid this month.
Does that mean even though the IVA is in my name, her oever time will be paid into IVA..?
I lost my job in may, my dads been kind enough to help us out
I havent informed my IP as i was scared ..he might bankrupt me
as i lost my job
But good news i have got a new job offer from mid august...but its lesser pay than before ..but my wife has got a pay increase

Funnily my drop in wages a month was £200 ish and her rise was £200...but when she did receive the rise, it was the time my dad was helping me out as i had lost my job...

I am just worried , even though i have managed to keep up payments all the time...her rise in wages, my decresase..
And my dad helping me out for a few months...

Will this all fail my IVA?

[Viki.W]

If you are keeping up with your payments and don't need to reduce them then there would be no grounds to fail your IVA. Let your IP know of your new circumstances as soon as possible though. Good luck with your review. X

[k24civic]

If you are keeping up with your payments and don't need to reduce them then there would be no grounds to fail your IVA. Let your IP know of your new circumstances as soon as possible though. Good luck with your review. X

Thanks so much,i think i should do this asap.
But since the review is only 2 months away...thought its best to carry on paying?!...
Daz x

[MelanieGiles]

If your wife is not in an IVA, then she will be able to keep all of her overtime as this is not payable to the Supervisor of yours.

You should tell your IP about your change of circumstances, but if your pay cut is balanced with your wife's pay rise, you ought to be able to maintain your payments with little bother.

[Viki.W]

Absolutely Daz, keep paying. Phone them on Monday and explain it all to them, they will advise you. Good luck with your new job. Hope it all works out for you. X

[k24civic]

If your wife is not in an IVA, then she will be able to keep all of her overtime as this is not payable to the Supervisor of yours.

You should tell your IP about your change of circumstances, but if your pay cut is balanced with your wife's pay rise, you ought to be able to maintain your payments with little bother.

Hi thanks so much for your reply
My only worry was that my wife salary, was combined as a joint income with mine....eevn though she isnt in IVA...with her over time our joint income has gone up this month...
so is it just My payrise etc their interested in not my wifes?

[MelanieGiles]

Your IP will be interested in your wife's payrise, as from what you say you would not afford your IVA payments without it. However, she is not subject to the 50% provision regarding overtime, and so may retain that herself in the future - or perhaps save it for a rainy day.

[flow13]

My advice is never be scared of telling ur IP anything. They are only human too.

[k24civic]

funny i was thinking about this all last night, i get a email today from my IP to contact them to do an annual review...
So is my parents giving me money to help me out okay? for the time i wasnt employed...
Its getting super tough now to get a job...luckily managed to get a job sorted in thw wifes company from next month

[Viki.W]

I can't see it being a problem, you weren't taking out credit or anything like that. Good luck and let us know how it goes. X

[k24civic]

Your IP will be interested in your wife's payrise, as from what you say you would not afford your IVA payments without it. However, she is not subject to the 50% provision regarding overtime, and so may retain that herself in the future - or perhaps save it for a rainy day.

Hi Melanie
Thanks for your advice
I get £220 a week ie £880 a month
My wife get £1500 a month...
I seen a drop in wages by about £200 since March 08
And my wife seen a rise in wages by £200 in nov 07
But i lost my job in Dec 07 and got this lesser paying job in March08
So them 3 months my dad was helping me out. as i told him the whole situation
I wanted to keep payments going regardless of situation
Anyways i havent missed any payments or delayed any
Do you see this as being a problem?
Thanks

[MelanieGiles]

No - the main thing with an IVA is to keep your regular payments up to date.

[k24civic]

No - the main thing with an IVA is to keep your regular payments up to date.

does it make a difference if cash in hand?
I pay national insurance...
but havent paid tax yet... i guess that will be end of year
but finally in august start a proper new job, with payslips and tax and NI paid in for me...less hassle

[k24civic]

i guess changes in circumstances only matter if cannot keepup with payments or windfalls...
my IVA proposals mention £500 + and over wndfalls...but this is not the case for me as i was without a job for them 3 months...so dads support was really my income.

[k24civic]

Just 1 more question...I have been reading on this forum, that people who lost jobs etc...and are unable to pay, could possibly face bankruptcy...So does that mean if they have a relative who is willing to support them during the hard times...IVA is fine? as long as they can keep up payments on time