I'm due to get a nice pay rise

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Nickibu82

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Post by Nickibu82 » Wed Oct 07, 2020 7:40 pm
I'm due to get a nice pay rise at the end of November. Do I have to tell my IVA provider immediately or do I want until my next review (April)? Also, is there a set rule for how much they take? I thought I'd read somewhere 50%? Thanks

Foggy

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Post by Foggy » Wed Oct 07, 2020 8:07 pm
Historically pay rises have been dealt with at annual review .... after the review you pay 50% of the net increase on top of your old IVA payment. However some IPs are now popping in an extra review to capture the rise immediately. Read your proposal carefully to see how they have actually worded the clauses. You should inform your IP right away for him / her to deal with at the appropriate time.
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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Rejjy666

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Post by Rejjy666 » Wed Oct 07, 2020 8:30 pm
I asked the same question recently and following the advice given here, I contacted my IVA company and they told me the rise is all mine until the next review. They did mention the 10% 50/50 threshold, so I assume if I’d of had a bigger rise it may of been different. As mentioned above tho, I would contact your IP

luluj

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Post by luluj » Wed Oct 07, 2020 10:47 pm
I would let them know, but hopefully all yours until your review. Great Xmas bonus for you !
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