I made my final payment (after 6 years) in October - and was asked by the IP for some missing info from 2014 and 2015.
As a result i have been asked to make a further payment (quite a considerable one), as my income in my 2014 P60 was higher than predicted. I understand that this is due, however, my income per my 2015 P60 was lower than predicted - therefore, should this not be also taken into account by the IVA company and any over-payments be netted off against the outstanding amount?
They are currently reviewing as I have raised the question, but would like to know where i stand in advance.
Generally no ---- extra money has to be declared and a proportion paid in as per the terms of the agreement. Lower incomes, if long running needs a new I&E to be carried out and, if the creditors agree, the payment can then be reduced. If the reduction in payment is less than 15% the IP usually has discretion --- but it is someti=hing that ought to be agreed at the time.
Essentially, you are in breach by not declaring the increase. Your IP might agree to offset, but if he doesn't you are on thin ice to push it, to be honest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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