So I am into the last 2 months of my IVA and have received a promotion in work, resulting in a rise in pay. I have told my IVA company and they've said my pay rise will be dealt with at my annual review.......I've only got 2 payments to make! I was hoping to pay 50% of my increase to the IVA
Keep 50% of the pay rise aside and then see what happens.
You may have a pleasant surprise and be told you can keep it.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
You will probably have to pay 50% of the increase for the last two payments (or thereabouts) into the IVA so keep to one side. Congrats for almost finishing!
With Stepchange you kept any payrise yourself, unless over the 10% allowed, until your next review. It was only then that they took it into account.
At the final review just before the last payments were due they were just checking to see if you had gone over the 10% allowed.
My reviews was July/ August time and I got a payrise in the November each year and, as long as it was not over the 10%, the extra was all mine until the next July/August at which time they looked again to see if they also needed to increase my expenditure allowances as well.
I guess it all depends on if you just have a 50/50 clause for overearnings or the 10% then 50/50 that I was on as well.
Last edited by FormerlyST1100 on Tue Sep 29, 2015 12:40 pm, edited 1 time in total.
I cant find anything in my documentation regarding a pay rise, only the 10% 50/50 rule on bonuses and the like. I have ask the question about how much of the pay rise I need to pay in.
