Recently got part time job. Will it increase my IVA settlement figure?

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sam793
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by sam793 » Mon Jun 05, 2017 8:08 pm
I have been in a IVA for 3 years and currently paying £100/month

I recently got a part time job and now have £400 surplus income as opposed to £100 per month

My total settlement was £6000 if I inform my IP will they increase my settlement from £6000 to a higher figure so I will end up paying more money.
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Foggy
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by Foggy » Mon Jun 05, 2017 8:10 pm
Your monthly payment will increase by 50% of your income increase -- this is usually dealt with at review, but you need to inform your IP as soon as you get the increase. The number of payments left will not decrease so you will be paying off a little more of your debt.
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