www.iva.co.uk

if my income changes or increases does the IVA remain at the same repayment rates?? my income has gone up and i have been asked to work overseas so i will have to relocate, will be tax free etc. but on similar salary.

HI I am not an expert but one will be along sometime in the next 24 hours,Bank holiday weekend some may be away for the weekend so keep checking back.

P

Hi, I am with Accuma, I've had 2 pay rises since my IVA started and have been told I don't need to do anything until my annual review and payments won't be back dated. This is good for me as have a little extra cash until then. I have heard of other IPs who will increase payments straight away so it's probably best to give them a call and check.

I have always informed my IP of the situation - this year, due to a company merger, the pay rise and bonus dates have changed and my tax coding has also changed, so I have asked them to change my review date which they have agreed to do.

I say it's always best to let them know, that way you aren't in for any nasty shocks. Better yet, when you let them know, why not tell them you have voluntarily increased your payments at that point, even if they don't ask you to ?

An extra £10 here and there doesn't hurt.

If your income changes then your IP is duty bound to explore whether you can afford an increase in your IVA payments - which is likely if you are going to be working an a tax free basis.

I suggest that you give your IP a call to put them in the picture, and they can advise you what to do when it comes to the time that you move overseas.