IVA - what if I win the lottery or get a big pay rise ?

It is a standard term now incorporated into virtually all IVA proposals that if you receive any "windfalls", from winning the lottery or a legacy from a deceased parent or relative during the term of the IVA that you pass over the net proceeds received to the Supervisor for the benefit of the creditors.

It is also a standard term that the Supervisor will review your situation every year, and in the event that you are deemed to be able to increase the level of payments by virtue of having received a rise in income, then the level of payments will increase to a level mutually agreed by you and the Supervisor.  The Supervisor is unlikely to want to take all your extra money, fairness dictates that you should be left some incentive to improve your situation, but you should be aware that this term would be incorporated into your proposal.  A payrise that merely covers an annual cost of living increase will not result in an increase in the level of payments to go towards the IVA.