Potential new job- massive wage increase

[CJJ2009]

Hi all

I am currently considering a new job overseas which is very well paid. My wages look likely to increase from £1250 per month after tax to £3100 per month tax free. Can anyone give me anidea or percentage at what I'd be looking at my payment changing to? Or how they would work it out?

Thanks

[jtomo64]

Hi,

You would need to discuss this with your IP to get an accurate figure, but it may be that you will have to pay all the extra income over to the creditors, ie an extra £1850 per month. I know this sounds like a lot, but your IVA is based on income amd expenditure, and anything above what you require to live on would be payable to the creditors. Obviously there will be some adjustments to be made as if your working overseas then your expenditure may differ.

Depending on the size of the original debt you may be able to pay it off earlier than planned. However, if the debt is large it may be that the percentage you have to pay back will be higher.

[Shining]

Hi, to talk to your IP is vital and a new income and expenditure may have to be completed. It is a nice payrise though to be fair! x

[Michael Peoples]

Your IP will not take all the increase from you or there is no incentive for you to better yourself. Do a new I&E based on the costs of living abroad and 50% of the increased net income would be more than fair to you and your creditors.

[jtomo64]

Thats nice to know Michael.
I always thought that if I was promoted into a better paid position while in an IVA then I would have to pay over all of my payrise.

[MelanieGiles]

I am not sure that any of us can say that the IP won't take all of the increase - this will very much depend on the actual terms of your own IVA. Get your IP to comment, or better still did out the documents and have read through yourself as to what will need to be contributed.

50% is fair, but sadly not all IVAs will allow for this.