how much do i need to report in regards to any credits into my account? my wage has gone up and i will get the backpay in Novembers wage slip which will be about £360. will creditfix want the backpayment as well as increasing my monthly payment? Also say if i was given the same amount as a gift, would i still need to report this?
A permanent increase in income (pay rise) is, assuming you have the usual clauses, ignored (although should be reported to the IP) until the annual review following the pay rise, then 50% of the net increase will be added to your IVA payment from the month following.
Occasional increases ( overtime, bonus) are reported and dealt with monthly, as they happen. The amount will depend on which clause you have ... some allow you to keep an amount equivalent to 10% of your agreed basic wage and split the rest 50/50 and some are just a straight 50/50 split.
A gift would be treated under the windfall clause and, usually (do check your paperwork) amounts under £500 are ingnored and you can keep them. Amounts over £500 go into the IVA in their entirety. So, if you are given £499 it is all yours --- if you are given £501 it is all the IVA's !
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