Hi I am just 5 months in to my IVA with Payplan Ive done overtime which was a little lower than %10 for a few months do i need to inform them? I have also been given a pay rise which is still lower than %10 of my total income is it also worth informing them? finally what will they require for a yearly review.
Hi, I'm not with Payplan for my IVA but do know other posters are so will let them inform you what you require for a yearly review but I envisage P60 etc.,
I personally keep my IP informed of all my earnings etc, on a month to month basis as it prevents any nasty surprises at review time. Someone who is with Payplan will be along soon and better suited to advise. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If your proposal allows you to retain the 10% it is not necessary to inform your IP but I agree with Lesley that it is a good idea to send the wage slips each month anyway. Your pay rise will be taken into account at the annual review as will any increases in expenditure and you will need your wages slips and P60 at this time.
payplan usally ask for payslips every 3 months and if there are any changes on them just put a cover note or send them an e-mail to explain what they are for.
i do this and have no problems whatsoever.
they are fine about payrises as such and allow for cost of living etc.
count yourself lucky if you get a payrise in the current climate(i got one this year of 4.7% so chuffed at that)
have you sent any payslips in yet or been asked to vidal?
cc received 6th January 2014 now upwards and onwards
As the other posters have said, the first rule of thumb if you are in an IVA is always inform your IP of any changes to your financial circumstances.
If your IVA is Protocol compliant then you will be able to keep any extra money you earn in overtime or bonuses as long as it is less than 10% of your income. Thereafter you can keep 50% of the rest.
However, if you have had a pay rise, then this is a permanent increase and your income and expenditures will have to be re-assessed. You certainly need to tell Payplan about this.
