{"id":10558,"date":"2011-01-31T12:09:04","date_gmt":"2011-01-31T12:09:04","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=10558"},"modified":"2019-07-31T12:17:47","modified_gmt":"2019-07-31T11:17:47","slug":"iva-payments-increase","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-payments-increase\/","title":{"rendered":"IVA Payments Increase"},"content":{"rendered":"\n<p>Where the debtor enjoys a substantial increase in income arising from  overtime, bonus payment or commission payment which was not included in  the original calculation of disposable income, there is an obligation to  disclose this fact to the supervisor of the IVA and to adjust the  monthly contributions appropriately. <\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Most IVA proposals anticipate possible increases in income and provide a  method for calculating the consequent effect on the debtor\u2019s  contributions to his or her IVA. Debtors are not normally required to  contribute the full amount of such additional disposable income to their  IVA. A standard requirement is that the debtor is required to disclose  to his or her supervisor any such changes to income within fourteen of  receipt, where the increase exceeds 10% of normal take home pay. Within a  further fourteen days of disclosure, the debtor is required to pay to  his or her supervisor 50% of any additional income (over and above the  first 10%). <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"335\" height=\"359\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/07\/Fotolia_49486229_XS.jpg\" alt=\"Payment Increase in an IVA\" class=\"wp-image-10567\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/07\/Fotolia_49486229_XS.jpg 335w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/07\/Fotolia_49486229_XS-280x300.jpg 280w\" sizes=\"auto, (max-width: 335px) 100vw, 335px\" \/><\/figure>\n\n\n\n<p>This increased income is regarded as exceptional and does not include  routine overtime payments already included in the income calculations  of the original IVA proposal. Failure to disclose such exceptional  income is usually deemed to be a breach of terms of the IVA and has to  be reported to creditors in the next annual review, together with  proposal as to how the breach is to be rectified, which may be via an  extension of up to six months in the term of the IVA.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n\n\n\n<p>Proofs of income for IVAs which are based on income from employment \nare usually provided to the supervisor by means of the debtor\u2019s P60 and \npay-slips which are furnished on a regular basis.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most IVA proposals anticipate possible increases in income and provide a  method for calculating the consequent effect on the debtor\u2019s  contributions to his or her IVA. <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-10558","post","type-post","status-publish","format-standard","hentry","category-iva-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=10558"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10558\/revisions"}],"predecessor-version":[{"id":10568,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10558\/revisions\/10568"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=10558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=10558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=10558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}