What happens if I haven't declared all income earned during my IVA?
I received a redundancy payment 4years ago.
I have not sent in pay notes or bank statements for the entire term of my IVA although I have made every payment for the whole 5 years.
I would like to find out where I stand and what I can do to bring the IVA process to a satisfactory conclusion as it is affecting my mental health and wellbeing
This could cause you some problems if this extra income is discovered as your company will want to see some of this money.
It is most unusual not to have to send payslips in - which company are you with?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Oh Dear. If the IP finds out about it you could be asked to repay the money (less 6 months worth), which might require an extension to enable you time to make the repayments or as this amounts to a breach of the IVA conditions you could find the IVA fails as a result.
The alternative is you keep your head down and hope your IP is sloppy enough not to ask for it...
Last edited by Lisa Thomas on Fri Jul 22, 2016 9:58 am, edited 1 time in total.
I thought annual reviews were a formal part of the iva process and a report to creditors has to be provided each year ?
If it were me I would want to be straight with my IP and face the musuc now so it can be sorted ..not sure I could allow it to continue eating away at me causing more stress and anxiety.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
