Payrise

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Rachel198k

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Post by Rachel198k » Thu Nov 01, 2007 4:44 pm
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My IVA was agreed in May 2007 and I am making payments of £348 a month, last month I received a payrise of approx £22 a month (hardly worth it in my opinion).

Will my payment be increased by the amount of my payrise? or as it is only a 3% payrise will my payments remain as they are?
Last edited by Rachel198k on Thu Nov 01, 2007 5:04 pm, edited 1 time in total.
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Adam Davies

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Post by Adam Davies » Thu Nov 01, 2007 5:05 pm
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Hi
Your payments will only increase if your expenditure has not increased and this is very doubtful.If it is the normal annual increase then your IVA may allow for a 3% payrise without any further action by you.If it is a one off rise you need to contact your IP and get a fresh income and expenditure form.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Thu Nov 01, 2007 6:07 pm
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I would also doubt that this will warrant an increase in payments, as your expenditure must have also risen in line with inflation.

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

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
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