I am nearly 4 months into my IVA. Found it a bit of a struggle really especially towards the end of each month! What happens if you get a pay rise in your current / new job? What's the protocol? Do they tend to take half? If they take more then what is the point of trying to improve your career and standard of living? Also, do you have to declare a savings account in your annual review or do they just look at your current account?? Please advise me! Thanks
If you get a payrise, you do need to inform your IP of this. Different IP's have different criteria. I am with Payplan and recently phoned them to inform them of a payrise and they have told me they are not interested until my annual review.
You are allowed to have a savings account, and you don't have to declare it. If you are able to save money from your allowance then that is good.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
your allowed a reasonable payrise which will help offset any cost of living rises.ip,s have different criteria regarding reviews.mine just req,d 3 months payslips and p60.you would need to contact your ip team to ask or wait for your review letter.
Last edited by MRBLUESKY on Thu Oct 08, 2009 6:49 pm, edited 1 time in total.
How a rise will be treated does depend on the proposal and any modifications as some creditors are very prescriptive with any rises but these are the exception and not the rule. Normally the supervisor has a descretion to look at income and expenditure so as soon as there is any change, for the better or the worse, contact the IP and discuss with them. If you have had any increases in expenditure its is advisable to get some eviedence of this to speed things up.
James Kaye and Nick Morgan, Insolvency Practitioners with over 30 years combined experience.
Forgot to mention that your expenditure will have gone up as well, so the one may negate the other.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm with Payplan so does anyone know what they expect? I've not heard from them once since my IVA was approved in July. Is this normal. Also, if you don't have to declare a savings account, what is stopping a person getting a windfall, putting into a savings account and not declaring this to the IP?
my payrises when i was lucky enough to get one started in april,my anual reviews were in october and had no problems with my income and expenditure reviews.if your disposable income goes up significantly then your payments will go up ,if it does,nt then they wont.try not to worry about small changes in your income.just look after yourself and your family.
Last edited by MRBLUESKY on Thu Oct 08, 2009 7:16 pm, edited 1 time in total.
theirs nothing stopping anybody getting a windfall.but if you try to keep this from your ip,if you look at your terms and conditions that is sanctioned by your local court,you can go to jail. do you feel lucky.
However, it is up to you whether you declare a windfall or not, but you should be totally honest with your IP.
I have just had a payrise, am with Payplan. I have phoned them and told them and they have said they are not interested until my annual review. However, we do have to send in quarterly payslips, so they do a sort of 'mini' review then.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks Kallis!! Did Payplan contact you regarding the quarterly review? I am 4 months into my IVA and they haven't contacted me! Also when they say they aren't interested until the annual review does this mean that you could be liable to pay back monies to your creditors back from when the payrise started? I'm confused! What happens if you get a £10k per annum pay increase?
if you get a £10k a year pay increase without informing your ip through out the life of your iva you could go to jail without passing go in my opinion.based on the terms of your iva.any windfall to that extent would have to be notified to your ip without delay,so that the monies could be passed onto your creditors.once your total debt to your creditors,and your ip fees are paid then your iva will be complete if this happens through a windfall prior to the term of your iva term.
Last edited by MRBLUESKY on Thu Oct 08, 2009 8:09 pm, edited 1 time in total.
Right, firstly, our first year we didn't have any quarterly reviews at all, don't know why.
We did our annual review over the phone and then followed it up with the paperwork.
We were then told to send payslips quarterly, which we do and so far payments have not been increased. I had a payrise last month and phoned them and told them. They said they wouldn't be looking at it until our annual review, so as far as I am concerned, they won't be taking anything extra off us until then if they need to.
I would advise that if you get a substantial payrise or windfall, you contact them straightaway and be guided by their advice.
With a normal payrise, then you can usually offset some or most of this with additional expenditure as most things are going up rather than coming down.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Don't worry - as long as you are upfront with your IP, you will be ok.
Let us know how Payplan deal with any of your payrises.
Last edited by kallis3 on Thu Oct 08, 2009 8:19 pm, edited 1 time in total.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am in the first year of my IVA and I have to send my payslips to Payplan quarterly. They wrote to me requesting them, seocnd quarter I sent them automaticaly and they replied straight away saying no increase was required. I have had a small payrise but my salary does not change from month to month.
hi country girl i was with paylan and just sent payslips in once a year,i wonder if their criteria has changed.or whether it depends on individual circumstances.
Last edited by MRBLUESKY on Thu Oct 08, 2009 9:39 pm, edited 1 time in total.
