hi, My pension has just increased by £48 does this mean my payments will also go up by this amount. my review is not due until September but I think I have to advise them as soon as I get an increase in pension
It is a permanent increase in income and should be reported. However, under the usual terms and you need to check what your proposal says, permanent increases are not actuially factored in until the review. Your payment should then increase by 50% of the net increase in disposable income.
My IP stuck to the letter of the agreement ( some try to be inventive!) and all of the pay rise between the increase date and my review was mine to keep --- then the payment went up after the review.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you Foggy, So please you are there may seem silly questions but I worry if I am doing anything wrong. I got about 20 pages of paperwork when I started but some of the wording is hard to understand.
Fri Apr 26, 2019 9:47 amdorothy245 wrote:
Thank you Foggy, So please you are there may seem silly questions but I worry if I am doing anything wrong. I got about 20 pages of paperwork when I started but some of the wording is hard to understand.
No questions are silly -- some of the standard clauses are badly worded and open to interpretation, even between the "experts". I found, in the early days, the best thing was to read the proposal, then have a cup of tea before re-reading it --- repeat as required! It is not something anybody will grasp straight off !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
hi foggy, as stated previously I informed my ip my pension has gone up by £42, they have now requested I do another review of my income and expenditure, I have only been in an iva since September 2018, is this usual procedure, they asked me to do it online but I told them I do not know how to send via email, so they are going to send me some forms out, but I didn't expect this until about august 2019.
The usual terms for a permanent income increase is to review it at the following annual review. and only make the increase after the review. This means that the full increase between the start of the increase and the review date is all yours. However, some IP's have started adding in an additional review to get round this and take the increase right away. I do not know if you can refuse to allow this to happen ... but I would certainly complain and escalate the complaint to their regulatory body for good measure.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
