Hi there. I've been in m IVA since Sept 2013 and I have always made payments on time. Last September I did my financial review and my payments were to remain the same at £202. This week however I received a letter to say that from that review my payments were to increase by £57/ month as there was a surplus in my income / expenditure. I have a primary income which is the same, and a declared secondary income of £300/ month which fluctuates considerably monthly, but this was the agreed average. Last summer I did earn more than that per month but for only 3 months and these amounts would have been on the wage slips I forwarded.It did fall short of the overtime allowance in my agreement though. However, from June to November 2014 I earnt £0/month, but from last December I have a different guaranteed secondary income of £200 nett/month so in effect I'm £100/month (average)down on my initial agreement. Sorry for the ramble, but is it standard practice to change payment terms so long after a yearly review and for so much? I've always been open about my secondary income as I have wage slips and I made it clear that it fluctuates and I've never breached the allowed 10% + 50/50 for overtime? Can I challenge this increase please?
It's not an average - it's whether it increased that month on the agreed amount.
You can earn less and still owe money at times.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hi Lee, who are you with ? Some IP's will work on an average if income fluctuates wildly. Is this agreed in your paperwork, or was it a verbal "understanding" ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My income was averaged every year due to overtime - this wasn't specified in my Report but without doing this I wouldn't have been able to maintain my IVA payments during months where I didn't earn overtime.
