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Hi all,

I'm currently 3 months into my IVA and today I have received a letter from Payplan that states, "Due to a modification within your Chairmans Report your payslips need to be reviewed" and asking for my last 3 payslips.

Obviously I'll send these of next week and phone Payplan on Monday, but any ideas what the implications of this are, has anyone come across this before?

Cheers.

Hi
There are no implications and nothing to worry about.
Some creditors want your IP to review payslips on an annual basis and otheres on a quarterly basis.One of you creditors has a policy of asking the IP to review each quarter and had this modification put into your IVA.
Just forward your paslips as requested
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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 Andy,

Thats put my mind at rest, although I can't see that mod in the Chairmans report is that still normal?

Regards
Jon

Hi
It should be,but I wouldn't worry.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

It's probably to monitor the overtime clause which will probably say that you will have to pay in to the IVA 50% of additional earnings that exceeds 110% of the earnings on which your IVA contribution was calculated.

Better to pay this in on a regular basis than have the temptation of spending it.

Thanks again, everything has been going so well for the last few months and has been such a relief that I'd hate to think things could go wrong now.

Its nice to hear things are going well for you !! do you find things generally ok, is there any tips you have for budgetting ?? do you manage to save anything ??

Hi Caraf,

Yes, things are generally ok, obviously the next five years may be tough at times but taking away most of the worries allows budgetting to be easier just knowing each month what surplus income you have allows you to plan acordingly. As for saving I had managed to put aside a little for the festive period and in the new year i hope to continue to do so.

Thanks for your kind words, and good luck with the meeting on the 27th my thoughts will be with you.

Regards
Jon

Hi neddis

My company does a review every six months, I have just today sent everything for the first annual review it can vary between companys.

Ang


Please visit my blog at http://aguise.blogs.iva.co.uk/

Just a quick thanks to all who replied, yes it was just for a review based on additional earnings.