In 6th year do i have to declare pay rise?

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Southampton Saint
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by Southampton Saint » Tue Aug 22, 2017 5:21 pm
Hi I am in year 6th of my IVA due to the equity release clause. I have been told that In year 6 any extra income does not need to be declared and I can keep it. Is this true ?
Also if I receive a pay rise does this need to be declared?
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by Foggy » Tue Aug 22, 2017 6:22 pm
It is normal that all conditions still apply -- I would be wary of this advice and get it in writing. Usually you would still have to account for overtime and bonus payments. Permanent pay rises wouldn't be affected as they usually only get taken into account at the review following the pay rise -- which, in this case, will be the final review with no further paymets due afterward. Windfalls and such are also still payable.
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by luluj » Wed Aug 23, 2017 5:33 am
My understanding is normal rules apply until the closure process has bern completed and your certificate is in your hands.
Frustrating as it is you are better off complying now as in a few months it will all be over and you will be debt free
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Michael Peoples
Industry Expert
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by Michael Peoples » Wed Aug 23, 2017 9:03 am
If the extension was to raise a set amount in lieu of the equity it is possible that extra payments could shorten the IVA. Otherwise I agree with the others that normal rules do apply which means payrises should not be an issue.
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