IVA review

Freefalling

2 year review for IVA just completed, as agreed with our practitioner no extra funds were paid during the past year but they would request any extra in full at point of review.  We had approximately 3k set aside from overtime and bonuses etc however review has been done and all they done was increased our monthly payment which we were expecting anyway.  Am I under obligation to point out the extra that is due or is that on them, do I say nothing and carry on or can this come back to bite me at some point? 

sourcrates

You are encouraged to save an emergency fund whilst in an IVA, from your earned income, in case you need to buy an essential item, such as a fridge/freezer or whatever it may be, I would consider 3k to be about adequate.

You are also able to keep 10% of any overtime or bonus payments you make.

If I were you, I would put that money in a safe place, another account is preferable, if you transfer it now, it won`t show on your next review.

A reasonable amount of savings is essential, especially with the cost of living going through the roof as it is just now, if they haven`t mentioned it, then nether should you, just use common sense here.

Freefalling

Thanks, yeah this was the amount that was over the 10%.  Was just wondering if after a review is complete can they come back and say oh you didnt pay this in, it's now due.  But yes keeping it aside for savings means it's there if they do, its just the uncertainty and not having full control of your own money but that's an IVA in a nutshell isnt it.