hi I'm looking at my iva and one of the conditions I can't understand I can write it here if any one can help what it actually means
(if I fail to disclose exceptional income. the term of the arrangement may be extended by up to a maximum of 6 months to recover any sums due. without modification being required) what does this mean ?
You need to declare all additional income including bonuses, pay rises, windfalls, inheritence etc - your IP will then adjust your payments accordingly either as a one off or more permanent basis.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
As Luluj says, additional income has to be declared as it is earned and any share of this due to the IVA must be paid within 14 days. What this clause is saying is that, if you fail to pay a share in time it will be added to your payments and you will make extra payments at the end to catch up. Hopefully this will not arise.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I had a similar clause in my IVA - it stated that if my then partner (who was a house - Mum) was to find work - extra funds was to be paid into the IVA, the same if I took a lodger.. As this never happened - my IP rang me one day wanting to tag an extra 6 months onto the end of my IVA to make up for there possible payments (that never happened). I had to be firm I was not happy or prepared to do this, and they decided not to pursue it.
