www.iva.co.uk

Once an IVA is agreed and everything is through the court, if I change job and am on more money, ie, more disposable income, can I put the extra in an account to pay creditors off in a lump sum (whilst keeping up my monthly payments) or do I legally have to declare the extra money?

Honesty is the best policy. If you are already in an IVA then see your IP, if not then you have a duty to repay as much as is feasible to the debts that you have.

Short answer is 'No'

Your income and expenditure will be reviewed at least once a year and reference will be made to P.60's and payslips.

So unless you are being paid cash in hand, you cannot hide it.

You might as well pay it now to your IP - it will then be paid to your creditors anyway. My IVa clearly states all increases in salary will be reviewed at yearly review and where salary increases have occurred after cost of living taken into account, payments will be increased by up to 50% of the net increase.
Happy for this to happen - I borrowed the money so I have to pay it back!

As everyone has said, no. Any increase in your income will be picked up by your IP at the time of your annual reviews, so best to be upfront and let them know if there is a significant increase to your income.

Hi, I have just come across the same situation today. I have earned X this year, a fair amount to what i said I'd be paid and have only told them today. They then said that i would have to get my last 12 months payslips to post onto them. However, I am coming up to 2nd year and have never had to send of payslips or P60s before? why didn't my IP contact me back then?? In other words, if I do have to pay back a sum, how do I do it and why didnt they contact me after my 1st passed to ask for my payslips? bad management if you ask me....

I feel as though I have been left on my own to do what ever I want to do without anyone from my IP to help me. I personally think that all this IVA stuff is a wrong way to go because you could end up paying back alot more than the debt you started off with!! This can make people ill and IVA's should state all this instead of the advertisement "We can write off upto 70% of debt hassle free" what a load of B***s!

Which company are you with Lee?

Lee -- you won't pay back more than the original debt, plus fees and interest. 9 times out of 10 you will have a substantial portion written off and, at the very least, have all the running interest stopped.

Everything you need to do is contained within your proposal and it is your responsibility to comply with it. With the best will in the world an IP is not your keeper, but is an "honest broker" there to oversee fair play between parties.