www.iva.co.uk

Good morning everyone!
I'm worried about friends of mine and their IVA failing.
We both have an IVA so it's good to chat to real live friends about it.
Anyway they both had a pay rise about 6 months ago and I mean a good one, both their wages doubled but they haven't declared this to their IP.
It's now coming up to their 2nd review so obviously it's going to be picked up on.
So what happens? I didn't say anything about the possibility of failing as I didn't want to worry them and I'm hoping someone can offer me advise to advise them.
Thanks.

Hello,

They will have to send their payslips in so the increase in wages will be seen. Their payments will go up after the review, but it could be that they won't have to pay anything across beforehand - it does depend on the company.

I think it's probably best left for them to sort out.

Biscuits - welcome to the forum -- it will depend on their own IVA proposals, but if they owe the IVA pot some money - how their IVA company suggests/deals with that will be dependent on how much. But they do have a responsiblity to keep their IVA company informed of any changes

The chances are that if they are in a protocol IVA then this increase only needs outlining at review time and the new I&E will reflect the increase from that point on. Hopefully it won't be an issue.

I agree. The increase in payments may only need to be made following their annual review. So with any luck there may be nothing owing. They could check their proposals though to see whether they have done anything wrong. x

Thanks everyone !!!
TBH I now don't feel I need to say anything as it seems that the majority believe all's ok

Glad we could help! x