Anonymous
Anonymous asked in Business & FinancePersonal Finance · 10 years ago

How do IVA's work when extra income comes in?

If someone has filed for an IVA and it has gone through and that person is still struggling with money and feels they need to take another job on to help, is that new income then taken into account and the monthly payments adjusted?

Also if it is only the one partner that has the IVA say for example and the wife were to win some money or come into some money, would that affect anything?

Thanks

2 Answers

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  • 10 years ago
    Favorite Answer

    The IP dealing with your IVA must be informed of any changes to your circumstances. They will decide if it is a material change under the regulations. An IVA is unique to the person involved and is not affected by any winnings/inheritance of any other person.

  • 10 years ago

    Thanks for the two points.

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