New job = doubles old jobs salary

[DerbySaint]

Thanks

Do i just contact the company and as for a full and final settlement?

[Emily]

Hi Vicky

As a forum expert I like to clarify your last point, you say pay off the debt and fees and interest -now wouldn't that add up to 30k plus maybe 5K of IP fees etc and so this chappy will be paying way over his debt??

[Viki.W]

Yes, that's right Emily. I've stated that earlier in the thread. Derbysaint would repay the original plus fees plus interest if he/she stayed in the IVA and wanted to conclude earlier. I hope that's right.[:I] Maybe a technical expert can clarify that.

[benwar]

What you could try is to get someone to lend you the money for a full and final, that way you will end up paying much less. some iva's will take half of any pay rise you get, some will take more. you don't want to end up paying more than you originally owed that would be crazy.

[Skippy]

Surely it's possible that even if Derbysaint ends up paying his/her debt in full plus IP fees and statutory interest, he/she will be paying less than they would have done if they hadn't had an IVA and paid the minimums each month?

[Adam Davies]

Hi
I would carry on paying into your IVA at a higher rate,your new job will be subject to a probationary period so don't do anything rash until you are sure about the long term success of this job.
You will probably finish your IVA earlier
Regards

[plasticdaft]

What you could try is to get someone to lend you the money for a full and final, that way you will end up paying much less. some iva's will take half of any pay rise you get, some will take more. you don't want to end up paying more than you originally owed that would be crazy.

Why would creditors accept a lesser amount by F&F knowing that the salary increase is there and could be used to repay the debts in full,over the course of the IVA??

You would only pay more,due to fees and some interest. It would still be less than if you had carried on paying your debts without an IVA.

[benwar]

That all depends if you tell them that you have had a pay rise - they only review your finances every year.

[Skippy]

The IP will see the pay rise on the pay slips and will most likely want the money back dated. Hiding a pay rise from your IP is the wrong thing to do - you are only storing up problems for yourself.

[benwar]

Are you supposed to inform your IP sraight away about any changes in salary?

[nomoredosh]

Hi Benwar, I think it is sensible to inform your IP about any changes. My husband has recently got a new job so I rang up my IP who is going to send a new Income and Expenditure sheet for me to fill in. They have been really cool about it saying that just get ti back to them within the next couple of months etc. because we will be on more money though I am not going to go and blow it, I will keep it back until i know what my new IVA payments will be so I don't get caught out. Congratulations on the new job by the way![:)]

[Skippy]

I seem to remember my IVA stating I had to notify them within 21 days. Even so, I would rather notify them straight away than be asked for back payments when it comes to the annual review.

[indebtforever]

i would think the vast majority of us will be lucky to get 3% so i wouldnt think anyone will be asked to increase payments with all the increases lately

[Skippy]

I agree Indebtforever - I was looking at it from the point of view of DerbySaint who has had a large pay rise, not someone getting a so called cost of living increase.

[plasticdaft]

I agree Indebtforever - I was looking at it from the point of view of DerbySaint who has had a large pay rise, not someone getting a so called cost of living increase.

My cost of living pay rise was laughable to say the least. b***** ambulance service!!!