Hi, I've currently had a change in my payment with my IVA due to a change in circ yet to b agreed by my creditors. I hav then started a new job slight higher paid. I could possibly earn a quarterley then yearly bonus non guaranteed. How will that affect my IVA? I sent all deatas in early for annual review as they had ignored my pay decrease for the previous year until I sought further help and then they advised I will need to go into arrears to prove I can't afford the payment then they will have a meeting with creditors who will make a descision. Is this the usual process as I have no faith in my current IVA Company!! Thanks
You need to tell your IP about the new job and come to an agreement regarding overtime (the norm sems to be you can keep all of bonuses up to 10% of your monthly pay, and half of the remainder)
Given your are awaiting the decision of a meeting of creditors I would try and stick to your current expenditure budget (and save the rest so you can pay it over if needed). Once the meeting has taken place I think a full review of I&E is needed
If you have been making the payments into your IVA, it can be difficult to demonstrate that you cannot afford them any more, unless there has been a change in your circumstances.
Now you are stating that your finances have improved, so hopefully you can at least get back to making contractual payments, and those bonuses will be captured under any uplift provisions you have within your proposal.
