www.iva.co.uk

what happens ,we are on an iva for three years so far.My wife has recently gained a second job due to the increase in salary does this effect iva payments?

Hi and welcome,

Any increase in earnings will affect your IVA payments. Some companies take into account immediately, others at review time.

You need to inform them.

If you both have an iva then it will effect it yes, depends who you are with as to whether they want to change payment straight away or as kallis said wait till review. During our IVA we've had only one payrise and they waited until the review. its like when payments/bills change in the year you don't notify them straight away each month, its all done at review time with proof of change.

Surely if you wife isn't part of the IVA her wages are not part of your income? Don't know how that works

Some companies take whole of household income into account irrespective of whether the other half is in an IVA.

There is a push towards IVA companies not being able to do this linked to clearer rules on third party data.

I'm in an IVA and my wife isn't. Shes due a large payrise and there's no way she will pay towards my IVA and rightly so !

Its not that she's paying towards your IVA debts. Its based on what contribution she can make to the household expenses, which potentially then changes your disposable income and therefore possible gives you an increased surplus to be able to afford to pay more money into your IVA pot.

Totally agree with Lisa. It is down to the income in the household which could, potentially, mean more money goes to your creditors.