www.iva.co.uk

Hi we have just had our first annual review and told we owe no st from extra income. Part of this we agree with and part we don't.
My husband's overtime is banked and paid every 12weeks. He was paid his overtime for July August and Sept 2012 on the 13th October 2012 our via was approved on the 25th Oct 2012. We don't feel this overtime should be included as it was learnt in previous months to applying for an via and also was never declared as was paid before our via started. Please advise .

Hi Nick,

I think you are right.

Your income earned AND paid prior to the approval of your IVA should not be included in the IVA.

The only way I can see that you would be obliged to pay funds to the IVA earned prior to the approval would be if this is what was proposed in the IVA (which is unlikely but you should check your proposal).

Have you spoken to your IP regarding this? It may just be a human error.

If you haven't spoken to your IVA company, then do so in the first instance and raise this issue with them.

Let us know how you get on.

Good luck!

I don't agree.

The money should have been declared as due to your husband as an asset at the time the IVA was taken out. If it was not declared, then your IP may have felt that you have mis-represented your financial position to your creditors.

How much are the monies in question? And does your IVA proposal provide for all of your assets to be included - which is normal these days.