IVA help!

charliebinks

I am currently trying to arrange a joint Iva with my partner. The IP has requested the last 3 months bank statements. This is fine but two of the statements show a wage being paid into my account as I did some sickness cover for 3 weeks (last week in sept - 2nd week in October- hence appearting on two statements) to help out a friend. I am worried that they will think this is a regular income or that they will think I have not been honest. There will not be any paid in this month but I won't get a statement to prove this for a few weeks. Will this mess up my chances of getting an Iva approved? 😕

dizzyblonde82

Just tell them what the additional income was for. I have just had my IVA accepted and I went through Stepchange IVA. I am currently on a 3 month secondment promotion with a potential for a further 15 months.

They calculated my payments on my regular wage but I have to make additional payments when my monthly income is over 10% of that stated in the IVA, I then pay 50% of the remaining money into the IVA, within 14 days of being paid, and the rest is mine to keep.

charliebinks

Great, thanks for your help! It's great to know that if this happens again I can organise paying higher payments on those months and won't have to worry about it effecting my regular payments. I will speak to my IP to explain the situation.
Well done on getting your Iva accepted! I hope mine will be a success too as I'm eager to get this debt under control after an awful run of bad luck this year. Thanks again! ☺

sourcrates

I second the above advice, I had similar amounts from my brothers account going into mine for stuff I bought for him.

I just added a note explaining what the payments were for, and it was accepted without question.