www.iva.co.uk

As from 1st May my income has increased. I informed my IVA firm of the total amount of increase thinking that my IVA contributions would be increased.
However I was informed that they acknowledge the increase and would review the matter at my anual review.
My anual reveiw is not until Nov. Is this normal practise and will, if it is decided to increase my IVA, I be hit with a bill back dated to when my increases occurred.

Hi
You will not receive a back dated request.
Once your review comes just fill in a new income and expenditue form, if your DI increases then so will your IVA payments, from that date, not before.
Regards

I was advised to put 50% of any increase aside until the annual review if that increase was above 10% of the montly amount you are earning e.g. if you are taking home £2677 a month and that increases to say £2977 that would be an increase of £300 that would be a 11.2% increase and therefore you should save £150 of it each month.

But one of the more professional people on here would be able to advise you better, also I think it would depend on your agreement when your IVA is agreed.

Hi

I would be carful with this as it happend to me i sent in a new I & E and despite me chasing they did not do anything with it until my anual review, i did ask about back pay and got a number of conflicting answers from the company but in the end i did have to pay 50% of the extra into this.... even though my expenditure had gone up quite a but.

I would double check and what ever answer you get make sure you get it in writing.

xx

neverending wrote:

Hi
You will not receive a back dated request.
Once your review comes just fill in a new income and expenditue form, if your DI increases then so will your IVA payments, from that date, not before.
Regards

which is always nice[:)] and of course by November your expenditure may have changed and as a result your DI not increased[;)]

I have just read my reply.

I do not intend it to be flippant or overly light hearted particularly as I understand how difficult it is at these times.

I have found that humour is helpful however sometimes i understand it may be unique to myself[:o)]

I didn't have to pay any of my increase from last year, nor any of the backpay I received.

I think most Ips(including Mel),will clearly suggest to clients to ensure that as well as informing of pay rises,informing about increased expenditure at the same time is the way to go. Dont make stuff up,but if you wage goes up chances are some expensies will be up also.

It depends upon the wording within your actual IVA proposal and/or chairman's report - but if that is limited to the annual review, then I would put the extra money into a savings account for a rainy day. The IP is unlikely to ask for a retrospective payment.

Sarah - I would ask your Supervisor to re-visit this and explain that any increase (depending on the wording of your IVA proposal) should be after taking into account any increase in your expenditure.