I have spent the last few days working out exactly how much my salary will be over the next few years if I get promotion, and it isn't so much the doom and gloom I thought! I have worked out that because my partner and I would then be at the bottom of our new grades each year we should get an annual increment (which we haven't done for 2plus years because we were at the top of the previous grade). This means the difference won't be as drastic, it would mean instead of repaying just under £49,000, we would only be able to pay between £41,000 and £44,000 - so a drop of £8,000 max - which isn't brilliant but better than my first calculations.
I will be speaking to my IP this week, and my question before I speak to him is, if successful in promotion, and therefore needing a Variation Meeting, which of the two is the best course of action that my IP may recommend to me/my creditors - a) ask Creditors to accept the loss (currently paying back 43p in the pound), though if we get further promotions this can be looked at, or b)ask us to pay for a further year (well it would work out at 7 months at the same rate) but this would incur another year's IP costs as well as the cost of the Variation meeting.
I ask this because I wasn't sure if our IP may be biased and want the extra year's IP costs!
Also, at the Annual Reviews, if your wages increase and you give your creditors more money, does it just go straight to them or does a Variation meeting have to be held to inform them all of it, and if so, does the cost go to the debtor (don't have my documentation).
Thanks
