I have a 1 year old IVA. I have to raise the amount I pay by £12.65 each yaer on it's aniversay. I have been told that I can keep my small, irregular overtime pay but must part with windfalls of £500 or more.Is it set in stone or can my creditors raise my payments if i get a pay rise?
When you have a payrise, you need to inform your IP. He will then decide whether or not you need to pay any extra over. It will depend on how much your expenditure has altered.
Any windfalls over £500 must be handed over if it is in your proposal.
I take it you mean that your payments rise by £12.65 a month?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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What a silly increase to have to pay over each year!! Did this result from a creditor modification, or was this the way the IVA was proposed.
The answer to your questions actually lies within your proposal, which was written specifically for you, and we are unable to comment on this. However, it does sound as if you can keep £500 of the windfalls, and have no 50% uplift provision for overtime.
