iva payment increases

[anais743]

All things being equal and your income doesnt increase will your iva payments remain constant during the 5 year period or from experience do payments increase year on year?

regards

anais

[carlmcmullen]

You would only normally see a change to your payment is your I&E changes.

So if your income remains the same and expenditure donesnt change then there is no reason why an icrease would be expected.

But dont forget there is normally an annual cost of living incresae but at the same time c/tax, gas water electric goes up so they usually cancel each other out.

What you need to be careful of is if you have a proposed or have a modification to introduce 50% of overtime and additional income and you dont, then when your supervisor reviews your annual I&E and identifys you have earned addtional money then your payments may have to increase to make up for the extra if you have not already paid it into the IVA or saved it in a bank account.

Carl

[OPTIMIST12]

Hear Hear to Carls message -

If you get Overtime on a regular basis then send the required 50% in every month. Dont spend it and then complain when you get a demand for back payment as you will have absolutely NO excuse for falling into arrears.

PS Sorry anais - not directed at you at all - just in general!!!!