Hi all just wondering I'm due a 2.5% pay rise next month. And back pay of about £400 which doesn't exceed my 10%as I'm in a joint iva with my wife. Just wondering if it is classed as a windfall or Boness. Or will I have to pay it all over or 50% thanks.
The 10% 50/50 rules does not apply to permanent pay rises -- this is for overtime and bonuses.
Permanent rises are dealt with at the annual review following the rise and an increase if 50% of the net rise due thereafter --- though some IP's try to grab the increase right away. Dig out your proposal and see what yours says about permanent rises.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just to add it is not a joint IVA but an interlocking one.
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
Thu Apr 11, 2019 8:17 pmmark984 wrote:
Thanks for the reply. But what about the back pay I recive? Does that not get looked at until the review??
It depends on the dates relative to your review. If you get, say, three month back pay in April, that means the pay rise was actually in January and that will be the date they will work from. So, from January until the review should be all yours --- at least that is how my IP treated pay rises, and that is what my proposal said.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
