increase in pay, income/expenditure, cash in hand

[charliesbird]

If I am accepted for an IVA and then later on find a higher paid job, do I have to notify anyone and if so what info do they require and most importantly how much of my increase do I have to pay towards my IVA?

Once you are accepted for an IVA are you re-assessed to check your inocme & expenditure? If so what is the frequency and waht information do you have to provide?

Occasionally I may be in a psoition to earn some "cash in hand" - If I do not declare this and am living under the conditions of an IVA would anyone find out and if they did what would happen to me?

[MelanieGiles]

Hi there and welcome to the forum

You will be duty bound to advise your IP of the change in your circumstances, and expect your payments to increase based upon your changed circumstances. Reviews are generally carried out on an annual basis, although I understand that some firms do this twice per year.

"Cash in hand" jobs are illegal if you do not declare the earnings to HMRC, and this could lead to prosecution by the revenue authorities if they find out. As a professional, your IP is required under Money Laundering regulations to report all occurances of income tax evasion - so be careful.

[Beans on Toast]

Hi Charliesbird, the idea of the IVA is to pay as much as you reasonably can back to your debtors. This is worked out on your current income & expenditure.

If you get a raise or a higher paid job, your payments will be adjusted by your IP accordingly, you would need to inform them immediately of any increases.

The frequency is different from company to company, some annually, others quarterly.

[Beans on Toast]

Melanie types like the wind [:D]

[MelanieGiles]

We had to learn to in the Royal Signals - lives depended on quick and accurate typing! I seem to have retained the speed, but not necessarily the accuracy!!!

[Beans on Toast]

I was in the armoured corp Melanie, we just relied on ear defenders [;)]

[charliesbird]

Thanks Melanie - with ref to the increase in pay or disposable income would you have to increase your repayments by the total amount of your pay increase?

[charliesbird]

thanks aslo beans on toast

[MelanieGiles]

The increase would depend upon your circumstances, so if your household expenditure had increased this would be allowed to be deducted before any increase, but you would need to be prepared to hand the balance over.