will i benefit??

[worryhead]

hi all,

Just got news today that my admin job i am doing is no longer going to exist. I was gutted at first but they have offered me a different job in the company and it will be paying approximatly £600 more a year before tax. i have a the overtime clause in my IVA, so how much would they take extra from me roughly? will i actually see any of this money?

[chris.g]

I don't think it will be included in the overtime clause. However, your payments may well increase as it will be included in your annual review.

[pm5]

No it wont be part of your overtime clause, but check your agreement as it might state that you have to pay 50% of any additional income than what was said at the start of your IVA.After tax you will probably get about £35 a month extra in which half may have to be paid into your IVA but any extra expenditure would surely have to be taken into account first if you have any that is.

[MelanieGiles]

This should be just picked up at the annual review stage - and is bound to be absorbed partly with additional expenditure, so I would doubt that your payments would be increased tremendously.

[worryhead]

Thanks everyone, i know its not a massive pay rise but was worrying they would take it all, yes i have a 50% clause i just checked, so should i mention this to my IP once i have been confirmed in post? or shall i wait till my annual review? also the other worry is i will be traveling a lot and will be getting 40p per mile back once a month, this could be between £100 - £200 per month depending on how often i have to go out, what would my IP think to this? will they take any cash from this do you think?

[MelanieGiles]

They ought to allow this expenditure before deciding whether you can afford to pay more.

[worryhead]

Hi again, had a word with the big boss and found out that my job now will be made redundant next month, The new position can only offer me 21 hours a week contract which means i will be on £6000 less per year [:(]
She has told me they can temporarily till sept/oct give me full time hours which will be £600 more then i am originally earning so i am ok till sept/oct as i will be covering maternity leave, but my contracted hours will be 21. What kind of effect will this have on my IVA? is it doomed to fail at the end of the year? i really do no know what to do, i was only accepted on 25th march. They have got rid of quite a few staff due to our 2 hull offices merging so i guess i am luckier then some but feel doomed also. They will be putting the redundancy and new offer in writing soon.

[worryhead]

i really dont know what to do and i am panicking, it s true what they say 'you dont know whats round the corner but i really thought my life was finally getting sorted, obviously not [:(] what do you think my IP will say? Should i wait till my letter arrives before i call them?