www.iva.co.uk

hi there

I have been in an IVA agreement now for 5 months. However in January I got a 4k payrise.

I do have the clause in my agreement about the 50% blah blah however I have read in a lot places that i dont need to worry about this until my review.

Do I need to declare this now or at my annual review?

My wife is on maternity leave and this has been factored into my agreement. However as we now have 2 children we will not be able to get adequate childcare for her to return to her job 3 days a week. she will only be able to go back 2 days a week. This will mean a shortfall in her salary but some reduction on travel to work and childcare costs.

Therefore to me the extra money i have received will cover some of the shortfall my wife will have as she only goes back to work 2 days a week. the drop in salary for her is around 5k. Also my council tax and other utility bills are going up around about now so this is also taking a chunk out.

can anyone shed any light?

thanks

zaza

The only person who can really advise you properly is your own IP, but it seems likely that the additional money you are now earning will be needed to supplement your wife's shortfall - so I would be suprised if your payments got reassessed now to be frank.

thanks Melanie for your swift response.

im hopeful that i will receive another increase in june which will make up the additional shortfall.

thanks