3 months in so far so good but question about income?

beck1991

Just a quick word of encouragement for those thinking of IVA, we have iva with payplan and so far things are going well.

Living on a budget is still strange to us and I keep panicing about 'unexpected' things happening but so far we are managing well.

Quick question about self employment if anyone is in ghe same situation, what usually happens at annual review? I'm a child minder and earnt a bit more than usual this summer although thing can change before April and I may still earn the amount I estimated but if I earn more will I have to increase my monthly pmts next year or just make a 1 off payment? I'm a bit worried that they up my payments & then I'll earn less next year (a few are due to move on to nursery etc) and I'll struggle to keep up.

Sorry this is a bit rambling hope it makes sense.

SunshineBear

I am self employed. I have been in IVA since March. When I entered it I gave them my previous years trading figures from my accounts. That was for 2009-10. I now have accounts drawn up for 2010-11 and will present them at my review. This current year is looking good but I wont have figures until Aug 2012 when my accounts are done.

My payments will alter based on verifiable accounts. As they will have gone up I will pay more monthly.

They can only assess your income AFTER you have accounts and not on takings.

Give them your latest accounts and tell them when you have your next set you will forward them.