www.iva.co.uk

hiya all,
my iva started at the beginning of this month and i received a pay increase which starts in may. do i need declare this increase straight away or wait until my annual review. the increase was 4.5% of my salary so wasnt a promotion just a general pay rise. it works out at about an extra £80 per month.

regards
rt

It's best to let your IP know now so that if they do increase your contributions you aren't hit with an amount at year end.

In my opinion (for what it's worth) your conts probably won't go up. RPI is about 4.3-4.5% and we all know that is a massaged figure so god knows what it really is! They'll send you an I&E form but i bet energy, food etc has taken most of your payrise from last years I&E figures (

You should keep your IP in the loop on this but as Animaleyes says you may be able to keep this money and offset it against the increase in living costs through inflation.

I read somewhere yesterday that the average food bill has increased by 11% in the last 12 months so a 4.5% pay rise should be safe!