possible payrise

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barb

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Post by barb » Thu Jul 15, 2010 5:38 pm
Hi all,
Hope you are all well.
Hope someone can clarify for me.
Hubby had some good news yesterday, he has been offered a new job at his work which will mean quite a subsantial payrise.
His new job will not start until Nov and as yet they have not really discussed monies but it has been indicated that he could potentially be earning an additional 8-10K a year.

At the moment we are awaiting the results of our annual review, hopefully will hear soon.

We are aware that we will need to inform our IP as soon as things are confirmed and that our payments are likely to increase. This is not a worry at the moment but is it likely hubby will need to pay it all across? (as far as I'm aware we probably will not incur a great deal of increased expenidure).

We just keep thinking of our position in 2 years when this is all over, it's looking healthier than ever [:)]

Any feedback would be much appreciated.
shy bairns get nowt, the worst your IP can do is say no!
 
 

Shining

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Post by Shining » Thu Jul 15, 2010 5:46 pm
Hi Barb and congratulations to your husband for securing his new position with a nice payrise as a bonus...very nice.

Some companies only take 50% of the payrise I do believe, I'm not sure who you're with but one of our professionals will be along soon to clarify this.

Again big congratulations and in two years you'll have a lovely bonus.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

barb

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Post by barb » Thu Jul 15, 2010 5:51 pm
Thank you Lesley,
We are with Grant Thornton.

I was a really nice surprise so we splashed out on a take away and a bottle of wine last night, shame on us on a school night ;).
shy bairns get nowt, the worst your IP can do is say no!
 
 

Shining

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Post by Shining » Thu Jul 15, 2010 5:52 pm
I think I'd have done the same Barb, it's a great result for you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

luluj

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Post by luluj » Thu Jul 15, 2010 6:30 pm
ensure your expenditure is reviewed and if he is going to incurr additional travel costs etc then ensure you write them down - otherwise you are likely to have to pay accross alot of the money I am afraid.
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kallis3

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Post by kallis3 » Thu Jul 15, 2010 6:39 pm
Excellent news Barb, but I do think that you will be expected to pay across 50% across to the IVA.

Hopefully you can write some of this off against increased expenditure.
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Michael Peoples

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Post by Michael Peoples » Thu Jul 15, 2010 7:58 pm
I would only think you would have to pay over 50% after allowing for any additional costs. However, while you can always inform your IP it is possible that the payments may not increase until the next annual review if the raise happens after this one.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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666

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Post by 666 » Thu Jul 15, 2010 8:09 pm
It'll obviously depend on your own proposal but I was recently in a similar situation and was advised that as it was a pay rise rather than bonus or overtime that I wouldn't have to pay any additional monies over until my annual review where it would be tied into the revised I&E. Upshot being I can put money by for unexpected expenditure over the year which is ace.
 
 

plasticdaft

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Post by plasticdaft » Thu Jul 15, 2010 9:11 pm
Any payrise is good news but thats a real whopper!!!

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Skippy

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Post by Skippy » Thu Jul 15, 2010 9:20 pm
Congratulations to your hubby Barb x
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