I have had a wage increase since my last review & just calculating my I & E for this years review I can fford to make extra contributions into my IVA, However do IP's normally take all of the remaining extra money remaining after I & E is taken into acount or do they let us have something out of the wage increase.
They don't usually look at wage increases until your next review. Don't forget how much things will have gone up by then.
Once you have sorted that out you may find you need to hand over 50% of anything left.
Speak to your IP and see what they have to say.
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I dont mind handing over extra but it would be nice to see some of the wage increase, if it is 50% of any remaining I would be quite pleased with that.
This really will depend upon the wording of your IVA proposal and Chairman's report. Have a read through to see how this is addressed - 50% of any net increase is the norm but I have seen older IVAs where all of it needs to be paid across. If there is still any doubt, have a word with your IP - and notify them of the rise in any case.
It states in my proposal & is worded as this:
50% of any additional income as in Bonus/Overtime/Commision must be paid not necessary each month but any earnt must be paid by the anniversary of each IVA review.
It dont specifically say wage increase so not sure if they will have 50% or more.
Wage reviews will be dealt with as part of the annual review, and they may result in you having to increase your payments generally from that time onwards.
The 50% clause only relates to bonuses, overtime and commissions.
Talk directly to your IP now about it so you know whats going to happen come review time. No point wondering what ifs etc,and it wont be a complex query for your IP to deal with.
Paul
Ps Whats a payrise????
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