hi all, haven't posted for a while 6 months into the IVA and all is going well at the moment. There is a possibility of a promotion at work and with this promotion obviously will come a pay rise. My dilema is the way i see it all the extra income i earn with the payrise will go into the IVA meaning the extra responsibility of the new position and all the work that goes with it will be effectively for nothing. However i don't like the idea of this IVA preventing my career from moving forward after all there is life after the IVA. Any one else been in this situation ??
Hi -- check your proposal, but you should only have to part with 50% of the pay rise come review time. However, I have noted that some IP's treat the protocol wording on this differently, so best to check.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Most likely 50% split on the pay rise front, however if you get the promotion will your expenses increase in any way - make sure the I&E includes any additional costs that the promotion may bring etc...good luck...don't let the IVA get in your way of the future....you will be grateful of it one day soon !
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There is a solution for everyone .... Just need to stay positive !
10% disregard only applkies to overtime and the like. For a permanent pay rise they take the full 50% (after allowing for any additional expenses). This is normally dealt with at review, but, as I said, IP's differ.
I have been specifically told by my firm ( and this is how I believe it should be applied) that a pay rise during the year will be dealt with at the time of review and 50% of the net rise will be added to your repayments 1 mointh following the review. If I had a rise (public servant, so it's not going to happen), it would have been in August and my review is December. So, ALL of the rise would be mine from August to December, and 50% of the extra payable from January.
Some IP's interpret the same clause by demanding the 50% increase in payment is back dated to the date of the pay rise (so you get no "grace" period).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Luluj -- you are probably right. Our lot have just announced a pay and grading review to make the budget "more sustainable" .... which doesn't mean we will be upgraded !!! And we still have a few rounds of redundnacies to go yet.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Definitely no payrise for me for a few years either being public sector. They've even put a freeze on increments.
I'm fortunate in that the department I work in have just handed out the 'at risk' notices and my job is safe for the moment thank goodness.
Sharing from experiences of dealing with debt
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