Hi all we are due to end our IVA at the begining of March.
I have the opportunity to now start working full time as my youngest has just started school & a full time position has become available in my current job. I would receive the increase in wages from 20th Nov.
How would it work? I know I have to notify my IP but would my payments go up in Nov or would I owe extra at the end?
You need to let your IP know but hopefully it will be ok.
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
Assuming you have the usual clauses (and all will be revealed with a good read of your paperwork) a permanent pay rise is not taken into account until the annual review follwing the rise and any increase added to the regular payments following the review. All of the extra money between getting the increase and the review is yours. You do need to inform the IP when you get the increase though, or he / she will think the extra is overtime and will take around half right away.
I have to say that some proposals have this clause omitted and some IP's have, in the past, tried to ignore it when it was there -- but have backed down when it has been pointed out. So, do check your own paperwork.
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