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!
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.
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.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
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.
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
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.
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.
.
