What if I come into money or get a pay rise during my IVA?

If you have a windfall during your IVA or your monthly income increases, you will need to let us know so that we can look at how this affects your IVA. If your monthly income increases, it is expected that your payments will eventually increase with it.

If your windfall is not enough to pay back all monies owed, it is expected that the full amount would be given to your creditors on top of continuing your current monthly payments.

At the end of every 12 months during your plan, we will conduct an Annual Review to look at any changes and make sure that your payments are still affordable and reflective of your monthly surplus.

 

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