Hi,
my husband isjust entering the third year of an iva, he changed jobs 6 months ago but hasnt told the IP because we needed to repairs to our home(which were desperately needed) with the extra money, what will happen if they find this out? We are at our wits end as our review is due in a week.
This depends on your proposal and you may not have done anything wrong. Payrises are usually dealt with at the annual review stage anyway and payments increased where appropriate. You should always keep your IP informed of changes in circumstances but you could be fine at the review.
Last edited by Michael Peoples on Fri May 04, 2012 2:46 pm, edited 1 time in total.
Lynn, hopefully as Michael says you may be ok. Personally I dont think its worth not telling your IVA company of any change in your income, after all eventually your P60 will tell all. If your Company do ask you for an "uplift" then they really cant be criticised.
Good luck.
I came into this world with nothing and still have most of it left!
althought surely if you have earned over a certain amount per month here and gone over the 10% limit some of that money should have been paid accross? Or am I wrong?
Don't panic to much but get in touch with your IP as soon as you can and explain the situation. They are human beings after all and will be able to help you [:)]
Please keep us updated and let us know the outcome.
The 10% rule doesn't apply to pay rises. It's more to do with bonuses, overtime etc. As long as the proposal says these will be dealt with at review time, there's no harm done. I had a £300pm pay rise and didn't pay anything additional for about 8 months until my review.
Hi Lynn, it is important to let your IP know of any changes as soon as possible. Also tell your IP about the essential repairs as there should be an allowance to cope with insurance/maintenance.
