Bank statements

[dave170]

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

[Foggy]

If you do not complete the annual review the IVA will fail and creditors will be able to enforce collection, subject to the limitations (if any) of you being in Australia.

I do not see any problems --- can you not produce statements from the Australian bank you use for everyday living ?

[dave170]

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?

Thanks

[Foggy]

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.

[kallis3]

Also, keep an eye on the exchange rate to make sure your payments are correct.