Ive been in my iva for nearly a year paying £260 a month. I am roughly on about £19300 a year. I have an interview for a new job which the salary is between £21000 - £25000 obviously i have to tell my superviser but how do they determine how much my monthly payments will increase by?
Permanent increases in income by way of a pay rise are taken into account at the annual review following the rise. 50% of any net increase in income will be added to your regular monthly payment from the month following the review --- this is assuming you have the usual clauses in this repect.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Sharing from experiences of dealing with debt
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