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Meash

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Post by Meash » Thu Aug 12, 2010 4:31 pm
I have been in my IVA for 2 years now and in January this year I had a 10% salary increase. I contacted my IP who told me to pay in 50% of the additional funds either on a monthly or 6 monthly basis, which I have been doing. My annual review is in August and I am concerned that they will totally want to relook at the amount I am paying into my IVA from scratch again. Can they do this?
 
 

animaleyes76

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Post by animaleyes76 » Thu Aug 12, 2010 4:41 pm
Every year at review time your IP should complete an income and expenditure assessment to determine any major changes in income.

If your income has risen significantly and your outgoings haven't, then you will probably get an increase in IVA payment.

If your income has risen but outgoings have risen about the same amount (inflation etc) and you have no real extra income, then it probably won't increase.
Last edited by animaleyes76 on Thu Aug 12, 2010 4:42 pm, edited 1 time in total.
 
 

Meash

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Post by Meash » Thu Aug 12, 2010 4:56 pm
Could they potentially take all the additional income then?
 
 

liamjames

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Post by liamjames » Thu Aug 12, 2010 5:06 pm
I doubt it - the 50% rule that you mentioned is quite standard, and if that's what your IP has used then he is unlikely to be able to change mid-IVA.

Talk to him as soon as possible to make sure. I'm sure he'll be more than happy to explain exactly how it works.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
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