Hi there, I have literally just started our IVA, about 10 days ago and we paid our first payment, next one due mid May. Today I got an extra £70 in my pay, a one off back payment of a 1.1% rise. What am I supposed to do with it? Tried messaging IP but I think the guy is on hols, tried looking through paperwork but can’t seem to find anything. Any ideas?
Also I know I am most probably going to get tax owed to me of about £550 (haven’t had the letter yet) but they took tax off of me when my pay is so low I shouldn’t even pay any. What happens with that?
I would guess that the £70, if it relates to a period prior to the start of the IVA will be yours, but the tax refund is likely to be treated as a windfall --- in which case if it is under £500 should be yours ( assuming the usual windfall clauses), but, if over it will all go to the IVA.
As is often the case these things are sometimes dealt with differently by different IPs, according to the clauses you actually have as well as their own interpretations ! So always best to check with your own IP -- and try to get the answer in writing, if they say it is yours !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
