I have been in my IVA since mid 2013. In October that year i was made redundant a few months later but Payplan (with whom the IVA is through) allowed me to extend the IVA to 6 years (I only missed one payment.) meaning I will finish the IVA mid 2019. I received my first bonus this year (end of March) but I had to get a car as the company I work for are probably going to relocate & it will be further to travel. I am now worried as I have not declared this to Payplan yet as I have not had my P60
You need to speak to Payplan immediately as they will be wanting some of this bonus. It could potentially mean a breach of your IVA.
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
It would have been better to explain the circumstances and seek their approval first, but, you are going to have to come clean now. They will want their share of this bonus and failure to co-operate could see the IVA being failed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
What is done is done but as others say you need to explain to your IP now so the impact can be assessed and a way forward hopefully agreed in a positive way.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thank you for all of your comments - they are greatly appreciated. I'm a total idiot & should have told them prior to getting the car, and now risk ruining my IVA which is totally my own fault. I will let you know how i get on - wish me luck!
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 haven't contacted them yet - I will do it once I have finished work. I'm still waiting for my P60 as I havent received it yet, but will forward my wage slips etc.
Personally, I would still speak to them about it now.
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
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