Lost secondary job. Should I tell my IVA company?

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Womble
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by Womble » Sun May 14, 2017 4:20 am
Hi. I'm 6 months into my Iva, all going fine.
However, when I started out I had two incomes.
I have just lost the second (much smaller) income, however I can make this up easily with cash in hand overtime at my main job. Do my Iva company care that this is cash hand or do they have to report it to tax people? Not started doing this yet.
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kallis3
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by kallis3 » Sun May 14, 2017 7:25 am
I doubt they will tell HMRC but you should inform your company of your change in circumstances as they will need to know as you won't have a secondary payslip and obviously, depending on your IVA you will have to pay some of this overtime across - usually 10% and then 50/50
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Foggy
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by Foggy » Sun May 14, 2017 8:37 am
Hi. As Kallis says, it is best to keep your IP in the loop to avoid any nasty surprises at review. Overtime is accounted for in the IVA and a share due to the creditors anyway.
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Lisa Thomas
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by Lisa Thomas » Mon May 15, 2017 8:20 am
You need to disclose this changes to your IP.

If you don't they will see that your income has dropped when they do the annual review and this might prompt an enquiry as to how you have been able to keep up with the contributions.
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