I am about 6 months into my IVA

[whit]

I am about 6mths into my IVA and send off my husbands pay slips to my IP every month as he works overtime, I am slightly worried now as I think my IP may have only been taking extra payments for his overtime but he also had a payrise, however this is shown on payslips. Shall I just leave it as is until my annual review in February? As I have been sending them monthy payslips??

[kallis3]

Hi,

I am sure your IP will have taken the payrise into account and you may only have to pay any extra after your review if your expenditure hasn't gone up (which it will have)

If you're not certain then give them a ring to put your mind at rest.

[MelanieGiles]

Payrises are generally only picked up at annual review time, but a quick call to your IP would set your mind at rest

[whit]

Thanks for the responses. I thought that might be the case will I it be back dated then, i.e my payments will increase based on a pay rise and be backdated to when the pay rise started?

[Broke of London]

It shouldn't be backdated but you do need to have your ip confirm this.

[MelanieGiles]

I would not backdate a client's payrise, unless the terms of the proposal dictated otherwise.

[kallis3]

As the others have said, it does depend on what your specific terms are.

I've never had any problems with a payrise before and my payments have not increased.

[whit]

I am with Grant Thornton, does anyone know if they back date? Really appreciate all your responses it helps a lot.

[Broke of London]

Proposals will vary even within GT. The only person who can confirm for sure will be your ip or case administrator. You obviously want clarification so should call them straight away to put your mind at rest.

[liamjames]

It's always been an interesting one, because an income review for year one relates to that period, and doesn't necessarily mean that you can afford the same amount on year two. For example if you have a payrise at the beginning of the IVA and then lose your overtime in the second year, your newly-increased payments would no longer be affordable.

At the same time it's dangerous for an IP to wait until the review and then ask for surplus income from that period, because unless you've had absolutely military budgeting the money is almost certainly not available anymore.

I can understand why there's so much variation in the way different IPs and creditors try to handle it.

[stewpots]

It's always been an interesting one, because an income review for year one relates to that period, and doesn't necessarily mean that you can afford the same amount on year two. For example if you have a payrise at the beginning of the IVA and then lose your overtime in the second year, your newly-increased payments would no longer be affordable.

At the same time it's dangerous for an IP to wait until the review and then ask for surplus income from that period, because unless you've had absolutely military budgeting the money is almost certainly not available anymore.

I can understand why there's so much variation in the way different IPs and creditors try to handle it.

Do people really send their monthly pay slips to their IP ??

I cant help but wonder if some of these posts are 'plants'. [^]

[Michael Peoples]

Current IVAs demand that any overtime or bonus monies are to be paid to the IP within 14 days of receipt. For this reason it is advisable to send the wage slip each month and make sure all payments have been calculated correctly. It avoids a problem later at the review and is very easy to do. Most clients just scan and email the wage slips which are then quickly checked.

[whit]

No its not a plant as my husband earns overtime I send G/T his wages slips on a monthly basis and then they advise within a few days what the surplus we owe is. I do what Michael mentions above on a monthly basis.

[liamjames]

A lot of our clients like to do the same as whit above - we'll happily give advice on how much the income reviews are likely to be given a stable income, and I'm sure that all other good companies would do the same. It helps people budget properly.

[stewpots]

No its not a plant as my husband earns overtime I send G/T his wages slips on a monthly basis and then they advise within a few days what the surplus we owe is. I do what Michael mentions above on a monthly basis.

Apologies just an observation.

I have done a lot of overtime but much of that went on car repairs .I need the car for work and travel 300 miles a week just to get to and from work.

Had it gone to the IP I would have probably failed the IVA

I always assume if you can prove your expenditure is reasonable.

Maybe I need to r-read my IVA agreement

I also thought things were picked up at anniversary year end

If my car keeps breaking down I will need another and it would be pointless paying £1,000 . I would have to save £3k or 4k

If I cant work there is no IVA so I will assume they look at your circumstances at each review

Obviously my petrol cost have gone up last few months but I don’t ask my IP to reduce my amount etc Maybe I should