My chairman's report states I inform of payrises at the annual review, however I'm so scared of putting a foot wrong and them asking for backdated money that I have always informed IP immediately and they have taken the extra money accordingly.
I am posting this in response to an answer I have read on another thread and was curious as to whether or not we should have actually waited until annual review time.
For me its any increase over 10% (I should be so lucky) that I would need to tell them about mid year. If less, then no need. As for expense changes, thats picked up at annual review - although when I have told them mid year of significant changes (mortgage rate reduction) they have snaffled their 50%!
Hello nittykitty well done for getting this far in your IVA,and for being fortunate to get a payrise this day and age.Unless you get a substantial payrise like for promotion for eg,then you dont need to contact your IP,most cost of living payrises will be offset,so include these in your annual I&E form,thats what your conditions are and all will be well.You will soon be debt free good luck.
You can do it either way - whatever suits you. I would say most wait until the annual review but if you receive regular bonuses or overtime, you can make the additional payments when you receive the extra income.
Hubby has been promoted twice in the last 4 years so a significant increase. I have worked extra to cover staff shortages but not more than 10% increase which is written into my report.
And yes the light at the end of the tunnel is nigh....still wish it was here though[;)]
