I could claim a pay rise at work which would be approx £100 a month gross, will the whole amount be paid over to my IVA and if so does that mean that my IVA will be up sooner or will the dividend to creditors increase? I am currently paying back 38p in the pound.
It would only increase your return to creditors. When advising your iva firm about your payrise make sure they know about any increases in expenditure as well,sometimes small payrises get swallowed up by cost of living increases!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
The only way your IVA will conclude sooner is if you manage to pay back 100p in the pound to the creditors.
Agree with Paul that your payrise may be offset by increases in expenditure.
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 with Pauls advice above. If you have the 50/50 clause in your IVA's for pay rises then at least you get to keep some of the payrise. Check you proposal as it may not affect the IVA until your next review (although you need to notify the IP as soon as received).
I am sure with all the rises in utilities, fuel and food the whole payrise could get swallowed up and you may not have to pay anything over.
I told my IP about my pay rise a couple of years ago and they didn't take any extra, so maybe it will be the same for you.
A friend of mine is also part way through an IVA, and they have an arrangement with their employers Payroll dept that they pay their bonuses into a work savings account which is just going to sit there and build up until they have finished their IVA and they have a nice lump sum saved up. They send their payslips off to their IP each month which shows what’s happening and nothing has ever been said. May be worth looking in to how feasible this is?
Sorry if none of this is any help, but I feel I should contribute a little bit after getting advice and reassurance from others in the forums.
In the depth of winter I finally learned that there was in me an invincible summer.
-- Albert Camus
I'm surprised they are able to do that with a bonus - this should be declared to the IP and it is usual to pay some of it across to the IVA.
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
