We are married couple 4th year on IVA. My husband income was steady over the years, mine however have changed few times. Every time I have informed IVA company and they have done the monthly income and expenditure review and adjusted the IVA payment accordingly.
Could you please tell me how the income and expenditure review should be done - the yearly on or the every time I change a job?
The reason I am asking is - I have noticed my company once compare the current I&E with the original one when we first signed up, another time - they compared it with the latest previous one, to work out my current payment.
Thank you
It depends on your individual proposal but most reviews are done annually. However they can be done when there is a change of circumstances if both parties are happy with this especially if the change is significant. It is your obligation to notify the IP of any changes in circumstances and it does seem you have a reasonable relationship with them.
However whenever any review is done it should be matched against the most recent one and this will have allowed for your share of increased income to be retained. If the new I&E was calculated against the one in the original I&E this would be an error and needs corrected. Probably just a mistake and nothing more sinister.
