I’ve had my Iva payment plan nearly 3 years now. I moved to Australia a year ago and I’ve been paying my repayments, I’ve been asked to send some bank statements etc for annual review but I only use my uk bank to pay my debt so no payments etc have gone in there. What happens if I don’t complete annual review? I will continue to pay the debt
Yeah I guess I can. I wasn’t sure if it was breaking Iva rules so didn’t mention it to them. I’m guessing that I can move abroad and continue with payments then? I’ve contacted creditfix saying I’ve moved abroad now so will take the next steps they ask for. If I’m earning same salary but make extra with overtime will my payments go up?
You will owe the IVA around half of any extra income ( overtime, bonus payments etc.) depending on what clause you have in this regard. Some allow you to keep the equivalent of 10% of basic income then split the rest 50/50, others go straight for a 50/50 split. This is usually dealt with on a month to month basis, but some IPs will treat the timetable differently.
We have many forum members who have moved abroad with no issues with their IVAs. The only requirement, other than sticking to the agreement, is to keep your IP informed of your change of address.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Also, keep an eye on the exchange rate to make sure your payments are correct.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk