Salary increase

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jen828

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Post by jen828 » Mon Apr 08, 2019 4:30 pm
My monthly amount went up at the start of this, my last year in an IVA, it finishes December 1st this this year. I recently had a salary increase which with start end of April, do I need to tell the IVA company or, wait until I do my final I&E and will they want more money? Any advice will be welcome.

Foggy

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Post by Foggy » Mon Apr 08, 2019 5:16 pm
You do need to inform your IP of the increase. If you have the usual clauses a permanent pay rise is taken into consideration at the annual review following the rise and any increase put in place from the month following the review. In practice, as as acted upon by my IP, this means that the extra income between getting the payrise and the next review is all yours. However, I have recently seen at least one instance of an IP bringing forward the review to grab the extra right away.

What is due to be paid to the IVA, whenever the IP decides to collect, is 50% of the net increase in income.
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

jen828

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Post by jen828 » Mon Apr 08, 2019 6:14 pm
Thank you so much for your reply.

It is only £2,000 before tax and this is my last year with last payment December 1st 2019. As I mentioned, everything has increased bill wise so should it not all be relevant ? I just sometimes feel that they want to squeeze as much that they can when they have already got over £11,000 from PPI and put my monthly payment up by £16.00 per month. I am sure I have paid my dues, but am thankful for the IVA over these past five years.

kallis3

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Post by kallis3 » Mon Apr 08, 2019 7:14 pm
You will always owe the full amount of your debts until your IVA is finished.
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
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