I am a year into an iva, I received a payment from my previous employer during this year and didn’t declare it as had rent arrears so paid that. Will I be in trouble now for not declaring it and should I just file for bankruptcy before my annual review? I feel so silly and know I’ve made a huge mistake.
You do need to declare it and hopefully it can be sorted without bankruptcy. You may be able to add it on to the end of your IVA or make extra on your normal payments.
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
It is a possible breach -- but will not automatically lead to the IVA being failed. It will be treated the same way as extra income ( overtime) and you will have to pay the arrears. This will need to be agreed between you and your IP but is often dealt with by adding however many payments are needed on the end of the IVA, although some IP's prefer you to increase your IVA payment slightly for a set number of months to cover the shortfall.
Better to own up to the mistake before your review, rather than being 'found out' at review.
How much was the amount you were paid ( after tax etc.) ? And what is your agreed regular monthly income?
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