I have just started my 3rd year in my IVA and I have a couple of questions:-
1. I am in full time employment but i am about to be offered a new job with potentially significantly more pay. I know i will need to do a new I&E which is fine but my question is if I cleared say an extra £1,000 per month after my expenditure can i really keep £500 of it? It says in my IVA I keep 50% of pay rises. Been in an IVA for over 2 years now...an extra £500 for me a month will make me feel like a millionnaire. That said being in an IVA does train you to be frugal and my main aim will be to squirrel as much money away as possible. I think i find it hard to get my head around the fact that i will be allowed to take the extra £500 and save it or do whatever. I keep saying to myself well yes because it is a win win situation for both myself and creditors...have i missed a trick here and will i definately be able to keep 50% of anything extra after expenditure irrespective of the value?
2. I sent off my I&E in mid November...not heard a dicky bird although everything is in order and i have my bonus money in my bank ready to send over to my IP...after speaking to them in November i sent a covering letter with my docs asking them to confirm the details of a standing order (they agreed payment this way) so that i can send it to them (don't have a cheque book)...still waiting. I am not overly worried but i am surprised that i have heard nothing. Is this normal? Maybe they are just really busy. I am not going to hasten them or anything just wondered. My first year i didn't have an annual review at all so i have nothing to measure it by.
That is a nice payrise to have, and if the terms of your IVA are as you quote you ought to be able to keep half of the uplift - but I would check this out with your IP to be sure.
Why not call your IP's cashiering department to see if you can make an electronic transfer of the bonus money directly. It would be better in their bank than yours.
