Hello
We made our first payment on 1st October. My husband is on long term sick, it is to increase by £23 when he returns to work, however i have recieved a pay rise of approximatley £125 a month. Our iva as been increased by £96. it says in the report that be have to give 50% of any overtime, bonus or similar. Is such a large increase normal or fair.
Hi
Payrises can be swallowed up by the IVA 100% if you have no increased expenditure.
Bonus and commission is normally treated 50/50 so as to keep the incentive to do overtime or work for a bonus.
Regards
I'm with DFD, if it's just a yearly inflation pay rise(about 3%) then i get to keep it.(or so i'm told) But if i do overtime or receive a bonus then i have to hand over 60% of it.
but correct me if i am wrong but a normal inflation rate pay increase most ips wont want to take that of you, due to increases for bills and food, ie the word it self inflation
It would seem unfair that your payments have increased by so much, if your husband is on long-term sick - unless he is receiving sick pay at the same rate as his normal salary. If this is the case, then your IP is correct to reassess your income, but a similar reassessment of payments should also have been undertaken at the same time - the cost of living has increased significantly over the last few months.
Yes - get your IP to review your expenditure as well.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
