How are permanent pay rises / promotions handled within an IVA. Is it a 50/50 split prior to review and beyond until end of IVA or do they take 100% of it?
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.
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Permanent payrises have, until recently, been treated in a manner which allowed the debtor to retain the whole of the increase until the next annual review, after which the regular IVA payment increased by 50% of the net increase in pay. On paper that is still the case, however as the conditions merely say 'until the next review', some IPs are carrying out interim reviews to capture the increase early. But, whenever implimented, you get to get 50% of the increase, 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
