Cost of Living Salary Increase

9 posts Page 1 of 1
 
 

steppingstones

User avatar
Posts: 161
Joined: Sat Jan 23, 2010 7:11 am
Location: United Kingdom

Post by steppingstones » Tue Sep 21, 2010 5:50 am
Hi everyone. Next month I am expecting to get a cost of living salary increase. It will probably be 1% of my annual salary but definitely not more that 2%. My question is, do I get to keep all of this rise (it would really help towards my outgoings as everything has got so expensive this year) or does it follow the same rule as bonuses where I can keep the first 10% of my additional pay then 50% of the balance and hand the other 50% over into my IVA payments?
 
 

kallis3

User avatar
Forum Expert
Posts: 76942
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Sep 21, 2010 8:02 am
Hi Sally,

Best thing to do is run it past your IP. Some companies don't want to know until the annual review, others immediately.

They know how much stuff has gone up recently, and if your expenditure is more I'm sure you will be able to keep some, if not all of it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

plasticdaft

User avatar
Forum Expert
Posts: 9562
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Tue Sep 21, 2010 8:31 am
I am quite sure that your expenditure has risen by at least 2% and therefore your pay rise probably wont be wanted by your IVA. Let your IP know just to keep them "in the loop".

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Shining

User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am
Location:

Post by Shining » Tue Sep 21, 2010 8:51 am
I'm looking forward to a payrise but doubt it will be anything good. Hubby hasn't had one in two years, too many competitiors now for his job...or so his boss keeps telling him x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

PELDER

User avatar
Posts: 218
Joined: Sat Aug 08, 2009 7:01 pm
Location: United Kingdom

Post by PELDER » Tue Sep 21, 2010 8:59 am
As far as my agreement with DFD goes, they do not seek an increase in contributions to my IVA where my salary has risen by less than the rate of inflation - estimated at 3% quite recently - best to ask your IP.
 
 

antm

User avatar
Posts: 775
Joined: Tue Mar 09, 2010 1:51 pm
Location: United Kingdom

Post by antm » Tue Sep 21, 2010 9:16 am
I think it depends on IP to IP, mine wipped my 2.3% payrise away, stating that my food expenditure etc was set for the life of the IVA, its only about £24 a month the payrise that is, would of been nice to of kept some of it.
Last edited by antm on Tue Sep 21, 2010 9:16 am, edited 1 time in total.
 
 

kallis3

User avatar
Forum Expert
Posts: 76942
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Sep 21, 2010 9:32 am
Mine is left to the annual review, they didn't take any of it as things had gone up and I even got to keep back pay.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

steppingstones

User avatar
Posts: 161
Joined: Sat Jan 23, 2010 7:11 am
Location: United Kingdom

Post by steppingstones » Tue Sep 21, 2010 11:09 am
Thanks for the fab responses guys. I think I will send a copy of my payslip through along with an email to my IVA account manager next month and ask them the question. I suppose even if it follows the 10% & 50/50 rule, being able to keep something will be a massive help.
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Tue Sep 21, 2010 11:07 pm
I would anticipate that you may be required to increase your monthly payments by 50% of any increase in your disposable income - ie after taking account of increased expenditure as well as increased income - but check with your own IP to be sure.

This should be covered within your IVA proposal - so that may be worth digging out to check as well.
Regards, Melanie Giles, Insolvency Practitioner
9 posts Page 1 of 1
Return to “bonus, overtime, pay rises and windfalls”