When I first took out my IVA I was earning 2150 a month take home. Now I work away and I earn 5000 take home a month. I am paying 200 a month to my Iva how much more will I have to pay them thanks
You need to speak to your IP about this and do a new I&E. Some IP's don't bother with a payrise until your next review.
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
Your IVA payment will increase by half of the net increase in income. As you are working away, I imagine that you will have extra expenses that will have to be deducted first.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Assuming no extra expenses, the usual terms in your IVA and everything else remains the same:
Current salary = £2150, new = £5000 --- so an increase of £2850. Half of that is £1425. Add on the current payment and the new one will be £1625.
But, as I mentioned before, there is every likelyhood that your outgoings will have increased too, so the new payment would be a little less, I am guessing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
