I have applied for a new role at work, which would mean a small increase in base salary. But a change from working part time to full time. Meaning my income will go up to approx £450 more than present. As a result of the possible new role, it could mean new childcare expenses, mainky after school club for ones daily £10. Meaning out of the £450 I'm likely to be paying £200 4 weekly whikst in school.
Our IVA was agreed in May 2018. So my annual review not due for another 6 months.
Am I correct in saying that I need to declare any increase in salary immediately. But the increase is not factored in until the next review?
Is it then back dated?
I know a new I&E will be done at the annual review and my IVA payments are likely to increase. Even though a lot of the extra income will go to childcare!
I shoukd find out by Friday if I have secured the new role. And then it'll be effective immediately...from next monday!!
You would need to talk to your IVA company, some, like mine did, wait until the review date to implement any income changes. Keep track of all the added expenses if you change your working hours, you may forget some small expenses that in the long run work out to be a substantial amount. A new I and E will need to be agreed, don't get bullied over anything.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
I agree you need to speak to your IP. Well done on the new role!
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
You need to read your proposal to see if you have the usual clauses! Usually a permanent pay rise is considered at the annual review following the rise and any increase is due from the month following the review. It is not back dated. Some IVA's are written differently and some IP's just "try it on". The actual increase should be reported when it happens, for the sake of clarity. I found it was always better to telll the IP what was going to happen, according to the agreed terms, myself !!
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