4. Tell your supervisor if you get any tax rebates
Honesty is the best policy when it comes to your IVA and any unexpected money you receive, such as a tax rebate or other windfall. Failure to disclose this information to your supervisor could result in a breach of your IVA, which is a formal agreement.
5. Keep track of all your paperwork
File it as soon as possible in a way that makes it easy to refer to. It might sound a bit obvious but it’s amazing how easy it is to lose track of these things.
6. Call your IVA supervisor as soon as possible with any questions or concerns
Your IVA supervisor is there to help you resolve any problems you have with making your IVA payments.
7. Help your IVA supervisor resolve any issues as soon as you can
If there's an issue with your IVA, resolving it quickly is the best way to keep everything on track. If your IVA supervisor asks you call us back with some information that they need, please call as soon as possible.
8. Keep your IVA supervisor informed of additional income
This includes overtime, bonuses or any other extra income you receive. Your IVA supervisor will review your situation and work out how much extra you need to pay into your IVA.
Not telling your IVA supervisor about income increases may be considered a breach of your IVA. Remember – if you earn above your income threshold limit, you’ll need to pay more into your IVA.
9. Reclaim missold PPI
If you have a valid PPI claim try not to use a fee-charging claims management company. Instead, you can make the PPI claim yourself for free. Any money you receive must be paid into your IVA.
Clare Lindley and James O'Carroll of StepChange Voluntary Arrangements are licensed to act as insolvency practitioners in the UK by the Insolvency Practitioners Association.