And I was always told only tell them after the event - they didn't want to know even if you knew before it was happening.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
They cannot change the terms of the proposal even if they wanted to. They must supervise in accordance with the proposal and any modifications and if not the IP is not doing their job. If you feel wronged ask for a full file review and demand back any money that was overpaid.
When I checked through my paperwork it says 50% of any additional income so I suppose they were in their rights, however I did ask for another review on one occasion as my annual date was January and as we all know bills all increase in April time.
To be fair, utility bills & cost of living have gone up so much that we are all probably slightly worse off at the end of our IVA then at the begining, even with the pay rises (if we get them) :-/
I have contacted them to ask why this time round the rules have changed regarding my payrise and a new I&E being done, 2 days later and no reply [:(]. Just out of interest will I still get my annual review in August when it is supposed to take place, or will they take the new I&E I have just done as the new date?
IM no expert - but I was once told if my pay rise was above inflation, they condider everything over that. i,e if inflation was 3% and I was given a 4% pay rise (hahaha), they would ignore the 3% and ask for contribution out of the remaining. I dont know if that is common practice but that was during a call one year during my review. All for nothing though, my pay was frozen that year (get the violin out lol) I dont know if this is any help, or even standard practice.
Not standard practice, Radish, but a sensible one. Some firms tend to try and ignore rises in expenditure and only concentrate on income increases. However, they are supposed to carry out a full review and balance changes in both directions.
SuperGert, the review date is set as the anniversary of the arrangement, any interim reviews are just that -- interim, and do not replace the agreed annual review.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Its good to hear about someone actually getting a pay rise these days. You must deserve it for your hard work. Hope you get to keep all or most of it. Good luck.
