I got to send my form back this week for my 1st annual review so its a bit late for this year. I actually was putting more petrol in car than i stated in the first place.
Last edited by wickerwish on Sun May 23, 2010 9:04 pm, edited 1 time in total.
This advice was I think actually from the CCCSVA IP! Your clarification re. rise in disposable income is very helpful, is this fairly standard across IVA's?
Anyway, I will try to speak with them this week for some clarification, in the meantime can anyone tell me if any permanent rise in disposable income (not say overtime / bonus of which I know 50% goes to creditors) during the IVA needs only to be declared / used as recalculation at the annual review?
So long as they are using the IVA protocol then this should be fine. You will need to ask CCCS what their policy is on the declaration of a pay-rise. In my firm we report this at the annual meeting stage, so long as the rise is not a material one, but they may have a differing policy.
You would need to provide evidence of income and expenditure every 12 months. If there is an increase in surplus income after taking into account expenditure changes it will be 50% of this amount.
Hope this helps clarify things.
Sarah
CCCS is a registered charity. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
Thanks for your response, I did call CCCSVA today and speak to an advisor - who told me all info / docs.now received from me appear to be in order and IVA proposal being drafted at the moment.
Seemed a bit more clued up than the advisor whom I spoke to last week but still could give no definitive answer re.would I have to declare increase in disposable income (ie.pay rise, tax change etc.) immediately or only at the time of the annual review - can you clarify please? And, will everything I need to know about what / when to declare / how much of an increase may be kept etc. be built into the agreement?
