Hi, my IVA was approved 3 years ago and I have been lucky recently to receive a substantial promotion and payrise. I have always paid 50% of any additional income into my IVA. My question is whether this will continue or is the IVA likely to be renegotiated? does anyone have any experience of this?
Your payments may well be changed at your next annual review to take account of the promotion - congratulations on that by the way - don't forget though that expenditure will have gone up as well so you might be able to keep more than you think.
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 uplify you are required to pay as a result of your payrise will be dictated by the terms of the IVA and should be no different to the basis you have paid in earlier years.
Sorry Melanie, I don't quite understand. I have checked the terms of my IVA and it states that the supervisor must ensure that I am paying what I should, but that they may increase the payments should my salary increase. I do understand and appreciate this, but just wondered what dictates the increase....do I pay 100% of the increase going forward?
Sorry Melanie, I don't quite understand. I have checked the terms of my IVA and it states that the supervisor must ensure that I am paying what I should, but that they may increase the payments should my salary increase. I do understand and appreciate this, but just wondered what dictates the increase....do I pay 100% of the increase going forward?
My initial payments in my IVA were £256pm. Once I got a better job with more money my payment increased to £470pm. The difference in my wage from job to job was +£230pm so I ended up slightly better off. Although there were a few changes to my I&E to reflect 'stuff' I hadn't claimed when instigating my IVA. Shame the 15% rule only works one way...
Meash ... modern proposals allow for the IP to reduce payments by up to 15% without having to go back to the creditors for approval. What liverpig is saying is that it's a pity payment increases can't be limited to 15% too >
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
