Can they insist on any more if I get a pay rise?

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s.b

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Post by s.b » Fri Feb 16, 2007 6:54 pm
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I've got an IVA that started last October and I pay £543 per month which I have just offered to increase to £743 as my bonus is now paid as part of my monthly salary and they agreed to take 50% of this. My debt including fees is around £42,000 which I will be paying off in full working on £743 x 60. Can they insist on any more if I get a pay rise?
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Skippy

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Post by Skippy » Fri Feb 16, 2007 7:34 pm
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You need to check your IVA, but the answer is most likely yes. I have been advised today that if I get a pay rise this year I will have to pay 50% into my IVA until my yearly review, when my IVA payments will then be looked at.

Onwards and upwards!!!
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MelanieGiles

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Post by MelanieGiles » Fri Feb 16, 2007 8:33 pm
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Hi sbr and welcome to the forum

If you pay higher contributions under your IVA, due to a pay rise, this will mean that your IVA will be paid off earlier than the 5 years. That should be incentive enough - and you might even save some of the IP fees.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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neverending

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Post by neverending » Fri Feb 16, 2007 9:01 pm
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Melanie
This is only the case if you are offering a 100% dividend ??
Andy Davie
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MelanieGiles

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Post by MelanieGiles » Fri Feb 16, 2007 9:03 pm
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Absolutely!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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