Hi, this is our second year of an IVA. Even though I have looked on this forum many times for answers this is my first post.
We have been really stuggling with the payments because my wife has had to give up work to look after our new child, and we only have the budget to pay for food and petrol. My wife's father has been helping us out with anything else we need and we explained this to the IP at the last review as we were worried that they would terminate the agreement due to us having problems making the payments as there is no surplus to cover anything else on the budget.
Recently we discovered that our tax credits were wrong as they still had my wife down as working. This has been corrected and HMRC have now increased our monthly tax credit payments, which is a big help. However they have also paid us an additional £1200 to cover underpayment of the previous year.
I'm not really sure what to do now as I suspect this will be taken by our creditors, even though this money would really help us to get through the next year without having to ask help from family members. We also badly need to spend some money on roof repairs as there is a big leak in the kids bedroom.
Obviously I need to tell my IP about this, but I was wondering if I had any rights to the money because it was an under payment, and I cant see any other way of getting my roof fixed.
Hi Nathan, welcome to posting on the forum. Good news about the increased tax credits, unfortunately, I don't know about the £1200 rebate but I'm sure someone who does know will be along very soon to advise.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I think this has been answered in another post.
It will be deemed a windfall and payable into your IVA, however you can ask your IP for some of the funds to make essential repairs. If your father in law has helped you since your IVA has been in place you may have an arguement to repay him from the funds