Does IVA companies carry out your income checks? E.G. if I am receiving any money for my child? or pay rises etc? My ex paying me money but not always, so do I have to declare it ? it's not regular and I never know if I'll get anything, but I'm scared if it will be classed as fraud?
Speak to one or two companies. Vincent Bond (details under ask experts a link on the left hand side of the page) can be contacted for some free advice
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In an Iva you will have a threshold above which extra earnings such as overtime must be declared. This is usually your normal 10% of your normal monthly pay and anything above that you must give 50% of.
A pay rise is normally declared and dealt with at your annual review. But notifying them when they occur will cover you.
For windfalls, which is any unexpected money, such as a gift, prize, compensation etc... it's usually only necessary to declare it if it's over £500.
If your ex randomly gives you cash gifts then I'd say these are windfalls and would only be declared if over £500. Check your Iva terms and conditions for the amount that applies to your arrangement.
We do look at income but if maintenance for example is erratic it cannot be used for affordability. Sometimes the ex pays for uniforms, school trips, days out etc and that is difficult to quantify. Affordability is the most important thing and your IP should concentrate on that first and foremost.
Br wary of any firm which takes erratic income into account as regular --- there are clauses which deal with extra income and you usually have to pay over around half as and when you get it. But, as Michael says, regarding erratic maintenance, it is better that the ex buys stuff for the child(ren) directly as they then get the full worth.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
