IVA

[Bev1975]

I have been in an IVA for 1 year now. It is now time for my annual review. Since starting the IVA I have started working as well as my husband. The problem is when you get family tax credit it is based on last years earnings. Which means that we are now getting my wage on top of my husbands plus family tax. We understand that this will make our payments go up this year but next year we will not be entitled to family tax as we will of earned too much which means if our payments go up this year what will happen next year? Would we be best trying to come out of the IVA?

[plasticdaft]

Are you in a position to offer a full and final settlement of your IVA?? I would just let your IP kno when your income goes up and down as you get and then lose your tax credits.

[Bev1975]

I can possibly get some funds but will need to know settlement figure first. I just find this all nerve racking I dont want my family to know as they would be very dissapointed. I dont want to risk loosing everything I have left

[rollercoaster]

you can phone family tax credit and let them know of your new income, that way they can adjust payment now and no nasty surprises next year when they stop the credits to recoup the overpayment.

[Bev1975]

Family tax said they will not reduce as this is based on last years earnings and it will not go down until next april