Payrise

[Rachel198k]

[font=Comic Sans MS]I'm due a payrise in October - not a lot just 3% which works out at about £30 a month as I'm not a spectacular wage where I work.

Just wondered though, will my payments to my IVA be increased by this or will I get to keep the extra income myself? [font=Comic Sans MS]

[iva experts]

Hi Rachel and Welcome to the Forum,

Usually at your annual review your I.P will ask for payslips which for you from October will show an increase. Your monthly payment may go up but sometimes payrises can be offset by any increased expenditure that you have you have had in the year.



Best Regards. IVA Experts

[lcjones]

Like Rachel I am due to have a pay rise in October. My review is due in January. Would I be expected to hand over 50% of my increase until the review or wait until my review has taken place to see if my payment needs to increase?

[MelanieGiles]

A payrise of just £30 per month is unlikely to reslt in increased payments, and most IPs will look at the position at the anniversary rather than when the rise actually occurs. But if the rise is substantial, you should advise your IP immediately.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp