help me understand my IVA

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Post by Clair19 » Tue Feb 23, 2021 4:43 pm

I hope you can help me finding answers to a few questions with my IVA.

I have had my IVA since September 2016 which started in the UK. If i understand it correctly it IVA should end September this year which is 60 months since it began. I have paid off more than a half of it.

Since 01 2020 I have resided in another country which is a EU country, my latest review was done in Sep 2020 and it was based purely on furlough money which was a result of Covid situation in Europe. I reduced my expenses dramatically so everything added up and it was set to a bare IVA minimum since then.

Since December 2020 my situation got significantly better, and although I work through an agency I earn a lot more than since the last review.

Is it better to contact IVA team now and tell them my situation has changed and my expenses also got up (will they accept them ?) or I should wait until the next review and share with them 50% 50% of additional money gone over review average? , I’m worried that if I let them know now that my situation has improved and would like to increase my expenses dramatically – they may not accept it which may result in a massive contribution being set by them ; also with a current economic situation I cant be sure about my job so increasing my costs and then possibly reducing it again etc. may lead to even an bigger chaos on my file ?

I’m a bit worried that IVA company will extend IVA for another year, do you know what do they take into account before making such a decision,?

I have had higher than allowed in review costs , for example one of them is car maintenance, it’s gone over allowance big time and I have all the receipts. how do the IVA people deal with such a situation, what can I expect?

What are the other acceptable ways of paying towards UK IVA from abroad as I still got a bank account in the UK and been transferring money from foreign account to the British one and then money is deducted as a direct debt. I really would like to avoid more financial problems , tax, double tax etc. Do the accept other form of IVA contribution than direct debt from UK accounts ?

On few months throughout my IVA my monthly income was actually lower than set review figure. -I earned less than we agreed, On months where I earned more IVA wanted me to give back half of it , shouldn’t they balance it out from bad months ? I mean lets say in review its says I should earn 1000£

and I actually earned

January 1000
February 750
March 1200

If I remember correctly the IVA team would expect me to pay half of extra 200 from March while completely ignoring February.

Thank you advance for your help and sorry for my english.



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Post by Foggy » Tue Feb 23, 2021 4:55 pm
Because your income changes each month, it seems, I feel it would be better to keep the IP informed of changes when they happen --- otherwise you might be tod that you owe money when the review comes and might have already spent it !

They can only add another year if you have missed payments, or not declared extra income and have to repay arrears, or if you are a homeowner and cannot release equity.

Money you keep during good months is supposed to be kept to help out during bad months --- they will take extra when you earn extra, but will not take less when you earn less!

If we overspend on agreed allowances (mostly things like car repairs ! ) we are expected to 'find' the extra out of other expenses --- like any budget, if I spent too much on shoes, I have to spend less on food to make up for it!

Paying from another bank account is OK. You can do international transfers from s foreign bank to your IPs bank, but keep an eye on the exchange rate.
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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