www.iva.co.uk

Was wondering if you can help me with some advice? My 12 months review is now and I have just posted my last few months of payslips. I’m very worried as I had a pay rise from £17,500 to £21,000 at the start of the year that I didn’t mention as my car needed £1000 of repairs to it, I also need to put down a deposit on a house I’m now renting. I’m I right in thinking that this won’t go down well when they receive my new payslips?

My IVA is for about £33,000 and I’m paying £282 a month.

Many thanks for your help on this.

Hi
You may be ok with the payrise as your IP will probably just adjust your payment upwards to take effect from next month.It will depend on how your IVA is worded regarding extra income.
Have your living expenses changed since your original IVA ? And have you maintained the IVA payments ?
You really need to keeo a good line of communication with your IP,not just at the annual review.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Thanks for your reply.
My living expenses are changing now as I’ve just moved, so are unable to have an exact cost of things just yet. Yes I’ve always made the IVA payments.
Do I need to phone my IP then? As I’ve not had any communication from them, a phone call or even a letter saying how things are going.

I have another question. I’m looking to do a course for work that costs £585. The company I work for are willing to pay £350 towards this and loan me the rest taking £50 a month from my salary. Can I put this in my monthly outgoings? In the end it should work out better for everybody if I pass and my salary goes up!

Many Thanks

As you have had several material changes in your life it is important to discuss these with your IP.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

If you were a client of mine, I would have expected more feedback during the year from you with regard to changes of circumstances - but assuming that the deposit monies you refer to relate to a rental deposit, and that you are not looking to actually buy a house, I really don't feel that anything has seriously spoilt.

I suggest that you compose a letter to your IP explaining all of the changes - I hope you have advised him of your recent change of address at least! - and send a revised income and expenditure account so he can see whether you ought to be increasing your payments before the anniversary.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk