What’s an additional income threshold?
As part of the terms of your IVA, you’ve agreed to make additional payments into your IVA when you receive additional income. This could be overtime, bonuses or commission. You must contact us within 14 days of receiving any extra money. We’ll calculate if any additional payment is due.
When an additional payment is requested, you must make the payment to us within a further 14-day period.
The amount you’re allowed to earn before any additional payment is due will be shown on the letter that we send to you after your review. If you earn above this amount you must declare it to us and pay 50% of the amount over this threshold into your IVA.
The additional income threshold is recalculated each time a review of your budget is completed, and you’ll be notified of any change in this allowance.
What’s a ‘net surplus adjustment’?
You may have an area on your budget called the net surplus adjustment. Under the terms of your IVA, you’re allowed to keep 50% of the difference between the IVA payment last agreed by creditors and any increased IVA payment.
The 50% you’re allowed to keep is called the net surplus adjustment and you can use this to cover any expenses not shown in your budget before your next review.
Why is an annual report sent to me and my creditors?
Every year, your IVA supervisor is required to report to your creditors about how your IVA is doing.
This annual progress report includes details of:
A copy of the report is also sent to you for your records.