what happens ,we are on an iva for three years so far.My wife has recently gained a second job due to the increase in salary does this effect iva payments?
Any increase in earnings will affect your IVA payments. Some companies take into account immediately, others at review time.
You need to inform them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you both have an iva then it will effect it yes, depends who you are with as to whether they want to change payment straight away or as kallis said wait till review. During our IVA we've had only one payrise and they waited until the review. its like when payments/bills change in the year you don't notify them straight away each month, its all done at review time with proof of change.
Surely if you wife isn't part of the IVA her wages are not part of your income? Don't know how that works
Some companies take whole of household income into account irrespective of whether the other half is in an IVA.
There is a push towards IVA companies not being able to do this linked to clearer rules on third party data.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Its not that she's paying towards your IVA debts. Its based on what contribution she can make to the household expenses, which potentially then changes your disposable income and therefore possible gives you an increased surplus to be able to afford to pay more money into your IVA pot.
Totally agree with Lisa. It is down to the income in the household which could, potentially, mean more money goes to your creditors.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
