I am just over 2 years into an IVA, paying 210 per month. Unfortunately my job is't progressing as i'd hoped and not wanting to be stuck in a dead end job for the term of the IVA i have been doing overtime, and switched to a twilight shift to earn extra cash to pay for a college course.
This comes to around 120-140 per month, now i haven't exactly declared this to my IP, but now my review is due i'm going to have to send my wage slips which show this increased income.
In my new income/expenditure can i claim this as an ongoing expenditure as in essence the course will guarantee my future employment to complete the full term of the IVA.
If you were obliged to pay a percentage of these monies over you could be in default. Your IP has very little discretion and if you needed the funds to better yourself it would likely require a variation.
It may be worth calling another meeting to forgive the arrears and allow you to continue the course. If this leads to higher earnings your creditors would benefit and if it did not you could extend the arrangement to address the shortfall. You should speak to your IP.
