www.iva.co.uk

if i receive a payrise during iva, does the (50%) amount which goes towards iva,go towards paying outstanding iva amount or towards original debt?

Hi,

Any uplift you pay towards your IVA will go towards paying your IVA debt originally and if you can exceed that amount, it will go towards the total debt.

Your creditors will get a better dividend.

If with overtime, bonuses, inheritances etc you manage to repay creditors in full plus the costs of the IVA, the IVA can cease. Interest is stopped at the beginning of the IVA so you do know the maximum you would ever be expected to repay.

Hi Scott - you will always owe the full amount of your debts plus ip fees until your iva concludes and it is at this point the outstanding debt is written off. It is best to think of your proposal as an estimate of what you can contribute to your debts rather than as what you owe.

Don't forget to tell your IP straight away about a rise though, even if the uplift is left till the review at least they know.

if its a cost of living rise based on the RPI,you dont have to do anything.

You should inform your IP of any increase in income, regardless of how much it is. Most of them will wait until the annual review to look at it, but some don't.

I received a payrise a couple of months ago, but the amount I take home each month doesnt exceed what the IVA say's I can earn each month, therefore I didn 't declare this to my IP, I was going to wait to my annual review. Will this matter? Or should I let my IP know earlier?

all my cost of living rises were included in my annual reviews thats what annual reviews are for.

We we do inform our company of any rises just to be on the safe side. We send in payslips every three months and they let us know if the payments are going to change.

Annual review due soon!

I also send in my payslips every three months, and I havent heard anything back. Got my first review in March, how time flies!

I intend scanning in payslips and sending off regularly, esp for my wage as its a flutuating one and I have a different thing to send off with it. Then come review they will already have everything.

I'm the sort of person that worries about every single thing and would worry myself sick over uplifts and paperwork. Hubby doesn't really get bonuses or overtime but hopefully will get a payrise each year, though this year they didn't get the cost of living rise.

I've just had a cost of living rise, and that's it now for the forseeable future as I'm public sector.

i just had a payrise and as kallis3 says i send in my payslips every 3 months and i sent a little note with them telling them about it and when i got my reply back they did not alter my payments as it was not a lot.

Thankyou back on track. I'm sure it won't be a problem as like I say my pay doesnt come near what I can earn, it's nice just to check to be sure and get other opinions