Pay Rises

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jamie735
Posts: 13
by jamie735 » Mon Nov 06, 2017 2:37 pm
I'm sorry as I'm sure this has been asked many times. I have just had my IVA approved. I am due a salary increase next financial year which will be approx £100pcm take home. Do I leave this until my review in October? Will I be back charged for it or will my following monthly payments simply go up?

Snip from my agreement as follows:

The Supervisors will conduct a review of my income and expenditure every 12 months on or just before the
anniversary. In the event that my surplus income has increased, whether through increases in my basic
pay or of any routine overtime included in the original surplus calculation, or through a reduction in my
personal expenses, I will increase payments into my arrangement in the month following the review by upto
50% of the increased surplus. I undertake to provide the Supervisors with any information that the
Supervisors may require to conduct the review and to repay any arrears that arise from any delay in
completing the review before the next anniversary of the arrangement.

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I will report any overtime, bonus, commission or similar to the Supervisors if not included in the original
surplus calculation, where the sum exceeds 10% of my normal take home pay. Disclosure to the
Supervisors will be made within 14 days of receipt and 50% of the amount (over and above the 10%) shall
be paid to the Supervisors within 14 days of the disclosure. Failure to disclose any such overtime, bonus,
commission or similar will be considered a breach of the IVA and the Supervisors shall notify the creditors
in the next annual report with proposals for how the breach is to be rectified.


Thanks
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kallis3
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by kallis3 » Mon Nov 06, 2017 3:42 pm
Hi,

Depends on your company but I would tell them as soon as you have your rise. You are then covered.
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Foggy
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by Foggy » Mon Nov 06, 2017 3:48 pm
In normal circumstances you report the rise as soon as it happens. then it is all yours to keep until the next annual review follwing the rise at which time it is taken into account and the monthly payment increases by 50% of the net increase after that. This applies to permanemt risesof base salary. Overtime and bonus payments are reported as they occur and dealt with by paying the extra within 14 days.
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jamie735
Posts: 13
by jamie735 » Mon Nov 06, 2017 4:43 pm
Great, thanks.
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