will payments go up at an annual review?

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sblack

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Post by sblack » Thu Feb 14, 2008 9:10 am
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Hello all,
Could anyone please give me the likely answer to the following question.
If I earn approx 10% extra in overtime monthly, therefore not having to pay extra to the IVA, is it likely that I would suffer a payment increase at the annual review because I am earning 10% extra in overtime?
By no way is the overtime guaranteed every month so is it too risky to do overtime?
Thanks
Last edited by sblack on Thu Feb 14, 2008 7:17 pm, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Thu Feb 14, 2008 11:35 am
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Your IP will review all of your circumstnaces at the annual review stage to decide whether your payments should be increased. This will be done in conjunction with you at the time, just in the same manner as your IP has worked with you to establish the affordable amount you are in the process of offering to creditors.
Regards, Melanie Giles, Insolvency Practitioner
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mattbell1975

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Post by mattbell1975 » Thu Feb 14, 2008 7:31 pm
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I have had a decent pay rise every year and my payments havent gone up from what was first agreed that 3 years now.
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Cybus

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Post by Cybus » Thu Feb 14, 2008 8:36 pm
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mattbell1975 wrote:

I have had a decent pay rise every year and my payments havent gone up from what was first agreed that 3 years now.
That may be because your proposal did not suggest a financial review would be carried out every year and that there was no modification enforcing a financial review.

In this day and age it is extremely unlikely that such a review would not be required.

You're either lucky or have a Supervisor who will soon pick up on the fact that you have not been reviewed.
Tell it like it is.
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