Hi Im having a IVA proposed by Step Change in a weeks time. I owe about £36000 to various cards and banks. I am currently unemployed and disabled , once I get a job my payment will go up but do I tell them when I get job or in a year at annual review? Also my current payment totals 10200, after a year if someone could help me could I offer a final settlement of around £8000 (will have paid about £2000 by then) or would they expect it to be nearer the £36000 figure? Finally , I understand this is a legally binding agreement but how does the supervisor know the ins and outs of your finances if you deal in cash payments for jobs or sell things on selling sites for instance £100 here and there- would you need to do a new budget every time you do this?
If you get a job you need to tell your IP right away, especially if that getting employment is one of the agreed terms of the arrangement. Whether your payment is increased right away or at annual review will depend on the specific wording in this regard in your proposal. It would normally be at review, but could be right awy if the employment is part of the deal. Check with your IP.
Much of the IVA is built on trust and the scrutiny of the IP will vary according to how that is going. Odd sales of surplus good on ebay aren't an issue --- if it is a business it will be. If you fiddle the system be prepared to get caught out and have the IVA cancelled, along with 5 years spent looking over your shoulder.
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