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Posted: Mon Jun 08, 2015 7:00 pm
by rodmunch
i have been sent a tax credit overpayment bill for £2000+ and was wondering how this affects my IVA, i have less than 2 years left.
Posted: Mon Jun 08, 2015 7:10 pm
by lifenoteasy
A lot will depend on if you need a payment break plus how long they are giving you to repay it.
Posted: Mon Jun 08, 2015 7:35 pm
by Foggy
Your IP should assist in allowing the repayment amount, if paying over time, as part of your expenses, or, as lifenoteasy suggests, a payment break to pay this off. HMRC might allow payment by reduction of ongoing allowances.
Either way your income will be reduced, so a fresh I&E might be worthwhile.
Posted: Tue Jun 09, 2015 9:05 am
by Michael Peoples
If you have been receiving too much in tax credits then your IVA payments have been too high. Mkae sure this is reflected in any payment reduction or break as an extension would be unfair.