www.iva.co.uk

I have just recieved my forms for my annual review and I am in a real pickle. Since September I have been earning a bonus each month. Now I have found out that this wont be the case after April so my income will decrease. However the annual review takes place before this and all my wage slips will make the creditors want more. What do I do? I am having a hard enough time surviving as it is with the amount my outgoings have increased and the dreaded lump sum I know they will demand. I thought the IVA was supposed to help

hi, im sure you will get some better advise on here from someone but in the meantime dont worry, iv found the iva Ip's to be very understanding and accomodating, just make sure you discuss it with them at your review, if not before to put your mind at rest

If you have to pay 50% of the net overtime, bonuses and commission, this will be due and payable before the anniversary, subject to the terms of your Arrangement.

For the annual financial review you will need to provide payslips etc, but if you can supply something from your employer confirming that the bonuses will end, then your Supervisor should take this into account when assessing your income and expenditure.

When you have your review you should write a letter accompanying your review paperwork stating that as of April you will no longer be getting any bonus and send to your IP any supporting paperwork from your company if you have it.

Also might be an idea, when you re submit your I&E form is to state your salary (before bonus) as your income and base your I&E on that.

Hi
As louisa states your basic income should be declared on the I+E form and not any bonus.You simply pay over 50% of any bonus as earned so that if it stops it will not affect your IVA payments.If your IP wants to include your bonus in your income calculations then you will clearly have to challenge this
Regards