Just wanted some advice as I have been offered a payrise at work, in exchange for taking on additional work. The payrise equates to approximatley £200 pcm. I know have to let the IP know if I accept the extra workload but how will this be treated?
Will I have to hand over all the payrise or part of it etc.
As you can appreciate I dont know whether I want to take on extra hours and workload if there is no benefit in me doing so
Thanks for any help
There is always an answer! You just have to find it!
You should be able to keep some of your payrise. You may have to submit a new I&E but I'm sure things have gone up recently.
Perhaps have a chat with your IP?
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
Only recently had my review so all things that had changed were put down on that, Things have increased and we have only just been able to remain in budget. Tpically only found this out after the IP had closed for the day. I have seen any other posts relating to this so really am in the dark!
There is always an answer! You just have to find it!
Hopefully you will be able to keep 50% of it. Have a quick word with your IP tomorrow.
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
If the proposal is silent as to what happens - and that is suprising because most will at least refer to regular reviews of income and expenditure - then you might be required to pay over all of the payrise, so I would have a chat with your IP before deciding whether it is in your best interests to accept the additional responsibility.
That said - there is still life at the end of the IVA, so you should also bear in mind whether this represents better long-term prospects for you as well.
I have looked through the main document and found nothing so agree it seems surprising especially as it has protocol compliant stamped across it. I have found a letter from when the IVA was accepted which states "Please remember to inform me asap should your income change in anyway, your income and expenditure will be subjuect to an annual review" the only addition to this is the overtime etc of being allowed to earn up to 10% every month without the needting to make an extra payment
Thanks anyway
There is always an answer! You just have to find it!
"The supervisor is required to review the debtors income and expenditure once in every twelve months by reference to the latest p60, payslips and proof of increase in any expenditure. The debtor will be required to increase his monthly contribution by 50% of the net surplus one month follwoing such review"
As far as I am reading this, it means that once next years review comes around then will have to hand over 50% of my payrise????
There is always an answer! You just have to find it!
I know that mine is only reviewed once a year, regardless of when the payrise is.
I hope yours is the same.
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
Found this when looking through the standard conditions for IVA's that were sent to me by my IP. So can only assume that they havent changed as I's sure I would have been notified
Fingers crossed
There is always an answer! You just have to find it!
