My wife may get a promotion in the new year and may get a net monthly increase of around £200. After speaking with Step change they say if this happens we will keep 50% while 50% goes to our creditors.
My question is, Once we have had our 1st annual review and if our expenditure doesn't change to much, would we then pay our creditors the full amount my wife as received in her pay rise?
Shaun Vickery wrote:Foggy/Kallis3 Is this the case even if the IVA hasn't yet been approved by creditors. If the pay-rise has happened before approval is it still only 50%?
Hi Shaun. No .. if the pay rise happens before the creditors meeting it should result in a recalculation before the IVA is accepted and the payment based on the new ingoing income.
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