www.iva.co.uk

First Annual Review. I have been very lucky and managed to gain a promotion at work and later an annual RPI pay rise during my first year. My terms require me to pay 50% of the increase immediately (next month) instead of being reviewed at the end of each year as some IVAs do. Over the first year my direct debit rose from (approx) £400 to £700 a month following the pay rises.

I've now received the I&E forms for end of Year 1. If I fill in my monthly expenditure, which has remained fairly constant apart from petrol and heating costs, and take this from my salary it will show some additional income which reflects the pay rises over the year that I have already been paying 50% monthly as the rises happened.

My question = Does all of this additional income now get put back into the IVA payment or am I allowed to continue to keep my 50% (I've already been paying 50% of the increase over the last few months anyway)?

If it all gets absorbed at I&E time there is no point in working to try and increase salary.

Hi and welcome to the forum. Congratulations on the promotion. I'm not sure how your IP will calculate this but think when your IVA is complete 100% of your money is yours to keep.

Hang in there for one of our experts to comment.

Hi Lesley,
Thanks for the reply - I may not have been clear but I am at the end of Year 1 and have not completed my IVA. I could raise the question direct with my IP but I was hoping to gain the advice from the forum first.

Any advice or suggestions are most appreciated as this is my first review.