Pay review during IVA

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john.jk

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Post by john.jk » Mon Aug 18, 2008 6:07 pm
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What happens if i get a salary increase during my IVA ?
Will i have to pay it to the creditors or keep it ?
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Viki.W

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Post by Viki.W » Mon Aug 18, 2008 6:28 pm
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Hey John, if it's a cost of living increase then it will be offset by increase in bills etc. If it's more than that and there are no increases in your outgoings due to this, then more than likely you will have to pay it to your IVA. Post a few more details and then the experts can help you further. X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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MelanieGiles

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Post by MelanieGiles » Mon Aug 18, 2008 9:50 pm
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I am sure that this would have been discussed with you by your IP at the time of your intitial meeting, but Viki is correct in that salary increases are reviewed annually at the same time as expenditure. You will only be required to pay over more money if you have more disposable income.
Last edited by MelanieGiles on Mon Aug 18, 2008 9:51 pm, edited 1 time in total.
Regards, Melanie Giles, Insolvency Practitioner
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