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IVA payise
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Dandor1878
Posts: 6 Forumite
in IVA & DRO
I have just got a 186 pound a month payrose in work.im in an IVA currently should I tell my IVA company of pay rise or wait for my annual review.i will have to pay more in travel costs now aswell just looking for some help and advice.thanks
IVA payise 1 vote
Iva
0%
Payrise
100%
1 vote
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Comments
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You have had a £23,000 per year wage increase ?
Is that figure correct ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Sorry Ive had a £186 a month payrose so from 1475 to 16610
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So £2232 a year rise0
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Sorry, my fault, I forgot how to add up lol.
It`s a fair sum of money, if you wait till annual review, you might have to repay some arrears.
You are supposed to tell them straight away, however if the rise was small, and expenses had gone up as well, then I would not bother, but £186 a month is quite significant, I would deduct what my extra expenses will be and declare the rest.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
According to Citizens Advice, you should notify your insolvency practitioner straight away, rather than waiting for your annual review. They say -
"It’s a breach of your agreement if you don’t tell them when things change. For example, you should tell them if your income goes up or down"
More information in this link - https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/individual-voluntary-arrangements-ivas/while-youre-on-an-iva/if-your-circumstances-change-during-your-iva/
It's much better to be safe than sorry and it's not worth concealing the pay rise, in my opinion.Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0 -
Thanks team, so potentially could my IVA fail if I don't tell them about my rise.? Cos I defo do not want that to happen.thanks again0
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Hi will my IVA fail if I don't declare straight away thanks team
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No - you'll be asked to make it up either by increased payment or an extension to your term
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You'd be robbing Peter (your future self) to pay Paul (your current self).
Why the reluctance to tell them?
Know what you don't0 -
Not reluctant to tell just want to knowworst and best case scenario and what is the best way thing to do. seems by information here is to tell IVA company and await outcome.thanks for all the information and help
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