They can only increase it according to the terms in your agreement.
The 10% 50/50 rule is applied to overtime, bonus payments and work related extra income and is dealt with monthly as the extra payments are made.
Permanent pay rises (or increases in disposable income due to expenses reductions) are usually dealt with on review and not back dated. The increase in payment is limited to 50% of the net increase in income. The new payment is made from then on (although some IP's try to get it from the date of the increase --- check your own terms to see if they can).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Ok, thanks Foggy. My concern is that when I had a pretty hefty pay rise earlier in the year, PJG said I could keep it all and adjusted my figures for the 10% 50/50 rule accordingly. If CreditFix try to backtrack on this it could have a significant impact.
This was advised over the phone then follow up emails sent between PJG and myself, although I have nothing that specifically shows this 100%.
I may have to ask PJG if they will send me something to clarify, but I'm guessing they'll simply tell me they no longer have my file and can't assist.
PJG did the same to me. I had a few increases and they adjusted the baseline for the 10/50/50 rule but didn't alter the monthly payment.
At the time I thought it seemed odd to me.
So I asked about it to make sure it was right at the time, and it is.
The 10/50/50 rule applies to your "normal take home pay" according to the T&Cs. If your normal pay increases then that 10% goes up with it.
They do not alter your IVA payments because to do so would require a whole review process, to take all your I&E into account. Your wage is just one figure on the sheet.
Then, at annual review, the whole thing is looked at.
So, getting to the point, CreditFix could not back-date extra surplus payments. Just like if your payment went down at review, due to increased bills, they wouldn't send you a refund for the months you were out of pocket.
Exceptions exist in both directions. If your pay halved a review would have to happen pronto. If it doubled, I'm guessing they'd do another review.
"Just like if your payment went down at review, due to increased bills, they wouldn't send you a refund for the months you were out of pocket."
That bit made me smile They will spit blood to get an underpayment from you --- but the few posts I have seen about any overpayment being refunded they seem to take eternity to deal with it --- if they ever do !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
They will spit blood to get an underpayment from you --- but the few posts I have seen about any overpayment being refunded they seem to take eternity to deal with it --- if they ever do !