Payrise

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omega

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Post by omega » Mon Sep 13, 2010 6:36 pm
Hi all I hope you are all well

Just wanted some advice as I have been offered a payrise at work, in exchange for taking on additional work. The payrise equates to approximatley £200 pcm. I know have to let the IP know if I accept the extra workload but how will this be treated?
Will I have to hand over all the payrise or part of it etc.
As you can appreciate I dont know whether I want to take on extra hours and workload if there is no benefit in me doing so

Thanks for any help
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kallis3

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Post by kallis3 » Mon Sep 13, 2010 6:44 pm
Hi Omega,

You should be able to keep some of your payrise. You may have to submit a new I&E but I'm sure things have gone up recently.

Perhaps have a chat with your IP?
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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omega

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Post by omega » Mon Sep 13, 2010 6:47 pm
Hi Kallis,

Only recently had my review so all things that had changed were put down on that, Things have increased and we have only just been able to remain in budget. Tpically only found this out after the IP had closed for the day. I have seen any other posts relating to this so really am in the dark!
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kallis3

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Post by kallis3 » Mon Sep 13, 2010 6:58 pm
It is typical isn't it?

Hopefully you will be able to keep 50% of it. Have a quick word with your IP tomorrow.
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
 
 

omega

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Post by omega » Mon Sep 13, 2010 7:23 pm
Does that seem to be the norm, keeping 50% or does it differ from one IVA to the next?
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MelanieGiles

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Post by MelanieGiles » Mon Sep 13, 2010 7:27 pm
It really does depend on the specific terms of your own IVA. Do you have a copy at home that you could refer to?
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omega

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Post by omega » Mon Sep 13, 2010 7:39 pm
I have just checked through my copy and it makes no mention of this at all only relating to overtime, commissions or bonus
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MelanieGiles

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Post by MelanieGiles » Mon Sep 13, 2010 8:00 pm
If the proposal is silent as to what happens - and that is suprising because most will at least refer to regular reviews of income and expenditure - then you might be required to pay over all of the payrise, so I would have a chat with your IP before deciding whether it is in your best interests to accept the additional responsibility.

That said - there is still life at the end of the IVA, so you should also bear in mind whether this represents better long-term prospects for you as well.
Regards, Melanie Giles, Insolvency Practitioner
 
 

omega

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Post by omega » Mon Sep 13, 2010 8:28 pm
Melanie

I have looked through the main document and found nothing so agree it seems surprising especially as it has protocol compliant stamped across it. I have found a letter from when the IVA was accepted which states "Please remember to inform me asap should your income change in anyway, your income and expenditure will be subjuect to an annual review" the only addition to this is the overtime etc of being allowed to earn up to 10% every month without the needting to make an extra payment

Thanks anyway
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omega

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Post by omega » Mon Sep 13, 2010 8:53 pm
Think have found what Iam looking for!!

"The supervisor is required to review the debtors income and expenditure once in every twelve months by reference to the latest p60, payslips and proof of increase in any expenditure. The debtor will be required to increase his monthly contribution by 50% of the net surplus one month follwoing such review"

As far as I am reading this, it means that once next years review comes around then will have to hand over 50% of my payrise????
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kallis3

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Post by kallis3 » Mon Sep 13, 2010 8:59 pm
I know that mine is only reviewed once a year, regardless of when the payrise is.

I hope yours is the same.
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
 
 

omega

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Post by omega » Mon Sep 13, 2010 9:13 pm
Found this when looking through the standard conditions for IVA's that were sent to me by my IP. So can only assume that they havent changed as I's sure I would have been notified

Fingers crossed
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MelanieGiles

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Post by MelanieGiles » Mon Sep 13, 2010 10:25 pm
The 50% will be taken into consideration after any increases in expenditure that you also experience during the year.
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omega

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Post by omega » Tue Sep 14, 2010 8:42 am
Will be phoning them this morning, so will keep you posted!!
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Shining

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Post by Shining » Tue Sep 14, 2010 8:56 am
Good luck x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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