www.iva.co.uk

Hi

We have just received our first annual review paperwork and it asks us to complete and return an enclosed income and expenditure summary and it states that this summary must provide evidence of how you have been maintaining the payments to your arrangement. What does this mean?

It also asks to provide documentary evidence of any substantial increases in your expenditure. Does anyone know what amount counts as a substantial increase?

Lastly it asks for a copy of our P60s for the last tax year 2014/2015. As we only started our IVA in Sept 2014 and the P60 starts in April 2014 will the total amount received be pro-rata from when the IVA started which was September as the total amount received from April 14 - April 15 for my husband is more than the amount that he is allowed to earn before you have to pay 50% over into the arrangement. My husband was able to work a lot of overtime in the first part of 2014 and this is the reason why it comes to more. My husband is weekly paid and Since the IVA started I keep a spreadsheet of what he earns each week so we can keep a check if he earns over the required amount each month so we know 50% of that has to be paid into the arrangement at review time as this was the agreement with the IP and from September to now he has not gone over the required amount to pay anything extra into the arrangement but the P60 is over so I am worrying we will have to pay over some funds.

Thanks
sosilly

I think sending bank statement will confirm your direct debits. the earnings are after your IVA started I send my wage slips every months as I quite often have to uplift when I filled in the I & e they told me to average the last 6 months as my income any increase in costs is substantial! just be honest

Check your understanding of paying overtime shares over, this is usually payable each month, as it is earned.

It was Foggy but I emailed the IP at the start as my husband is weekly paid and when it was a 5 week month he was always over the threshold but when it was a 4 week month he was ok so the IP agreed to manage this at review time. I have an email to prove this so I am not worried about that. It was just the P60 total and whether that would be pro-ratered.

Thanks
sosilly

Cool --- yes, they should pro rata the P60 for the relevant period -- but it would do no harm to mention this to them ( and to check afterwards ).

The wage slip should be on file from when you entered the IVA and this will show pay to date while the P60 will show all earnings from that year. The overtime calculations will then be done on the difference and not the total earnings for the year. It would do no harm to point this out as it is not uncommon for people to do as much overtime as possible pre IVA. This is usually just to stay on top of the debt and is not sustainable for either health or family reasons.