I've had a significant pay rise

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Cara65

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Post by Cara65 » Mon Jul 20, 2020 4:40 pm
I've had a significant pay rise, will I be required to pay all this increase into my IVA?

kallis3

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Post by kallis3 » Mon Jul 20, 2020 4:45 pm
You will need to speak to your IP to see what happens.
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

Foggy

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Post by Foggy » Mon Jul 20, 2020 5:08 pm
It is usually 50% of the net increase will be added to the IVA payment going forward, assuming you have the usual clauses.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Foggy

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Post by Foggy » Tue Jul 21, 2020 8:48 am
Just a thought -- reading about your hopes of closing early on another post --- the 50% of the pay rise you are allowed to keep can be set aside to make a full and final offer ( based on remaining payments) in the future. Normally you cannot make such an offer from your own money, but it would be acceptable to use your 'share' of extra income.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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