Just wondering? My IVA is set out but if I get a new perminant job on PAYE and my income goes up £300 PCM can I expect the first 10% not to be touched (£30) then 50% afterwards of whats left to pay in to my IVA ie £135?
If you get a new job with a hefty payrise then I think you will have to complete a new I&E and a lot of your payrise may well have to be paid across.
Something to discuss with your IP if you do get a job.
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.
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You need to check your original terms of your IVA.
My agreement included Overtime and bonuses to pay into the IVA at 50%, the remaining you keep. But if your monthly income has increased, an income and expediture may be requested by your IP.
Some IVA companies expect you to send payslips and bank statements on a monthly basis or a copy of your P60. So any declarations made on increased income will be seen.
I think one of the forum experts should answer your question but I would suggest to check your terms of the IVA and seek clarification from your IP on what will happen if your income increases and how the contributions are re-calculated.
I would request a new I and E, my hubby had a payrise a few months back and with the steep rise in the cost of living we managed to absorb the majority of this into our expenditure.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
