In the final year of IVA and just 5 months and payments to go. I have just got a pay rise for the first time in a couple of years.
Previously they have always said I do not need to do anything and this would be assessed at the next annual review. This was always done and payments adjusted for the following year but I never had to make any retrospective payments from the time of the rise to the next review.
As I am in my last year and there will not be a 'next year', does the same apply and I can just keep the extra money and they will not try to claim this back?
I would have thought the same would apply. Why not assume it does, but pop the "extra" money in the bank in the meantime. This way it is there to hand if they want it for the IVA --- if they don't it can fund a post IVA treat
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The payrise should not be captured by the IVA as it is not overtime, bonus or similar and therefore gets dealt with at the annual review for ongoing payments. No harm in saving up the payrise but I certainly would not be handing over the money without a fight!
