Hi.I recently had a payrise at work.I have looked at my iva and it says the following.
. I understand I will be required to increase my monthly contribution into the IVA by 50% of any increase in the net surplus as shown in the original proposals one month following the review.
Does this mean i declare at next review?
THANKS
Sounds like it to me but it won't hurt to speak to your company just to check.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The standard clause is operated in a manner such that the whole rise is yours until review and any increase applies after the review. Some IP's, however, try to get the increase as soon as you get it and should be challenged. Of course, some have slightly different clauses.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
