If you have more disposable income as a result then the answer is most probably yes.
But
If, for example, the job is located further away etc then that obviously needs to be built into a revised I&E.
Hi
An IVA ids based on disposable income, so if your basic income increases faster than your living expenses then you will have to pay more into your IVA, usually following the annual review. Overtime and commission payments are generally split 50/50 after you have retained the first 10% of your usual net wage
Regards
Increased income disclosed at the annual review stage, after allowing for all increased expenses, is generally divided on a 50/50 basis moving forward - so you would only have to increase your contributions by 50% of the uplift in disposable income - subject to the terms of your specific agreement of course.
Hi Mel
Is this going to be an agreement in general from all creditors going forward Mel ? If so pay rises and any promotion will be a big incentive and benefit for the debtor in the future
Regards
I have had two payrises since being in the IVA, but have not had to pay anything extra across.
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
Andy - this is a new provision introduced by the 2010 IVA protocol - which most good IPs have been including in their IVA proposals since 2007 when The Insolvency Exchange first introduced it as a modification.
I do have slightly more disposable income now, expenses having gone up somewhat as well! However, IP was happy to leave the payments as they were.
Hubby has not had a rise in his pension at all this year.
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
Hi
This could be very good news for me. I am now working full time because of redeployment, at the moment of a trial basis but of course I did earn more money this month. I have told payplan and am waiting to hear. Although I realise I will have to pay more it would be nice to keep a little. We only have a very small maintenance allowance do think they might allow a bit more so that we could do somet decorating?
Linda
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
