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Posted: Thu Sep 29, 2011 10:33 pm
by Paul.ky
hello
if my income has increased over the year how much can my creditors ask for ie 50% more what iam playing now or more ?
Posted: Thu Sep 29, 2011 10:39 pm
by plasticdaft
All depends on how much your outgoings have gone up by.
Paul
Posted: Thu Sep 29, 2011 10:41 pm
by Foggy
The answer will lie in your proposal. Generally they will get 50% of the increase. Opinions (or practices) vary as to when this is payable from. Some firms want it from the time of the pay rise, some wait until annual review, but then want it backdated to the time of the rise, whereas some want it payable from the time of review and that paid to you before review time is all yours.
As Paul says ... this 50% share should (should!) be offset by increased expenditure, in full or in part.