Welcome to the forum. A new income and expenditure will be required to establish affordability and it is likely you will pay a higher return to creditors.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
As stated, the chances are that your payments will go up. It might mean that you are able to pay back £100p in the pound which would be very good.
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
I agree, your payments will be likely to increase by 50% of the net salary rise. You might be able to mitigate this slightly if there is also a slight increase in your expenses due to the promotion.
Check your paperwork, there should be clauses dedicated to this. In most cases a permanent pay rise is taken into account at the next annual review and any increase between the rise and the review is yours, with the 50% net increase payable thereafter. However, some IP's will try to take the increase right away -- indeed, some are entitled to, depending upon the way the agreement has been drafted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You will benefit from the increased earnings as will your creditors. However factor in any increased costs for travel, clothing etc before you agree any increase.
