i am very new to the forum and have been reading alot of post which have answered load of my initial questions
one i was hoping you could help with is tax credits
i understand employee wages and if they go up mis year before your review depending on ip you may have a review or it just may be left to be picked up in yearly review and i also understand about the 10% and 50 50 rule
but here is my question if tax credits are taken in as income are these then assesed the same as wage ie depending on ip either left until yearly review to pick up changes be it increase or decrease i ask because everyone renews every year but unless your review hits tax credit renewal it does seem as though most recieving tax credits will have a change in income mid year
Hi - it's best to notify your IP about any changes as and when they happen. Then you can be guided by them as to how and when they want to review your I&E. It may also be worth re-reading your paperwork to see if there is anything specifically about tax credits in there.
Hi - it's best to notify your IP about any changes as and when they happen. Then you can be guided by them as to how and when they want to review your I&E. It may also be worth re-reading your paperwork to see if there is anything specifically about tax credits in there.
Hi and welcome. Any change in income should be notified to your IP. It may be that you get to keep any extra until the annual review.
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
although i ask the question it is because i am exploring all my option and i am not yet in a iva but think it may be my best option from my research
i just found it hard to believe from reading previous posts some IP will let changes go until a yearly review (where they will pick up changes in wages and things like tax credits) yet others (from reading other posts ) would take the money straight from the person in the iva
I know exactly what you mean, Tilly. If IP's treat the terms of the proposals differently from each other, how are we expected to fully undewrstand what is required of us ? This was highlighted recently when one company took over another's cases and have been back tracking because they didn't do things the same way as the first company. Now many clients have back payments to catch up on which they knew nothimg about !!!
Anyway .. I guess the only thing to do is to ask your IP specifically how THEY deal with these matters.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
tax credits go up and go down ours, got put down by half! but we still had to find money for the childcare,our IP wasnt interested in this .so be aware they are not all helpful
If you have not yet chosen an IP then either contact one of our experts who post on here - their details can be found under the 'Ask a question' link on the left hand side. You can also visit www.iva.com for a list of companies and reviews and give one or two a ring for some free and impartial advice.
Do ask a respective IP what happens mid year if you have a change in income.
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
