My experience with PP was that when it came to the review they wanted additional money for this very reason backdated to when the rise occured. So don't go spending it.
just give them another ring or wait till you send your next payslips(every 3 months)then if they want anymore then make sure you have no incresed expenditure to cover.
they are normally very good at sorting this out so dont worry.
cc received 6th January 2014 now upwards and onwards
we are talking about payplan ?
how long have you been in your iva?
the normal rule is that they will send you a letter after 3 months to send in your payslips quaterly so to keep on top of any overtime,windfalls etc and so you dont build up a debt of any back payments due.
cc received 6th January 2014 now upwards and onwards
I believe (but could be wrong) Payplan will want the IVA's share of the pay increase from Day One of the rise. Even if they don't deal with this until the review they will want back payments.
Other companies (mine included) don't want the share of the increase until the time of the review, all of the rise between the date of pay rise and review can be kept.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am with PP and only have to send in payslips every 12 months (stated in proposal), first time occurred around month 10. Normal rules can change over time so don't be alarmed other posters have different schedules for payslips etc with the same company. Good luck with the new job role.
i thought everybody sent them in every 3 months.
i know kallis does and i find it much better than waiting till the end of the year to sort out any money owing.
my payrises are always accounted for in the i@e so if you got anything that you struggle with let them know and offset some of it if not all of it.
payplan always allowed me to do this so ask them.
cc received 6th January 2014 now upwards and onwards
Thanks everyone, I guess I will just have to wait and see. I checked my proposals and it says that I need to submit payslips every 12 months plus I never get any overtime etc so I shouldn't owe more than I was paying.
I have been lucky and it is a large payrise, so I know I will have to pay most of it over. I will hopefully speak to them soon do I can readjust my budgets etc!
I just tried to work it out and I am not great at maths bbut I reckon I will end up paying back 100p to £ instead of tge 53p forecast which should make the creditors happy and it keeps me happy thinking in 55 months it will all be mine and I will be very good at budgeting :0))
I'm with Payplan and have to send mine in every three months - though it kinda makes me laugh cos as I've not had a payrise in three years so my take home pay never changes.
Im not with payplan, but when i got my payrise i waited for the payrise to kick in, then i notified my IP, of the extra i was earning, and any outgoings, left it up to them to decided, so far 2 payrises i paid into my IVA but the last one i got to keep it all!! only £30 a month but every little helps, lol!
I'm with Payplan but self employed so can't help on the wage slip front, however, I know that if I earn more in the year than I anticipate - which would be nice! - then at the review I will have to pay the back payment over as well as an increase in payments. I have already increased my payment to then within my first 4 months as my circumstances have changed and I'm hoping I will have an overall increase
I've found Payplan excellent I'm sure they'll communicate clearly what is needed! Well done on the payrise as well!
"It is never too late to be what you might have been"
Fiona
