I have received a pay increase, what will happen to the additional money at the annual review ?

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NdB63

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Post by NdB63 » Mon Mar 23, 2015 8:25 am
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I have received a pay increase, what wil have to the additional monies at the annual review.
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Foggy

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Post by Foggy » Mon Mar 23, 2015 9:01 am
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Usually a permanent pay increase is dealt with at annual review, when your payments will be increased by 50% of the net income rise.

But, do check your proposal as some IP's go for the increase as soon as it happens.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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plasticdaft

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Post by plasticdaft » Mon Mar 23, 2015 9:14 am
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No harm in contacting your iva firm right away to determine their attitude towards your pay rise. Dont forget that you may have seen an increase in some of your expenses which may offset some of the rise!!

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Adam Davies

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Post by Adam Davies » Mon Mar 23, 2015 11:01 am
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Hi

Your payments may rise by 50% of your new disposable income following your income and expenditure review. It will depend on the wording of your IVA

Regards
Andam Davies
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