Hi, I am due a pay rise in March and just wanted to know if they will take all of this or 50%, it may be a really silly question however its concerning me. They have said I can earn 10% without paying any extra so that would be ok as they work it out over the year. I guess anything over that I will have to give 50% - also, if I move and my rent becomes higher is this taken into account?
A pay rise is different to a bonus. Make sure that any increases to your expenditure are mentioned as they may offset any payrise.(dont be afraid to ask for increases in expenditure).
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi
Paul is correctin that payrises do not usually fall into the 50/50 rule. You will need to ask your IP for a fresh income and expenses form and list the new income but also list realistic expenses.
Regards
Your payrise will be reviewed as part of the annual review process, and if you have a larger disposable income as a result of this - having taken all increases in expenditure into account as well - then you can expect to pay over 50% of the uplifted figure to your creditors.
I had a payrise last September and this will not be taken into account until April when my annual review is due.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
So, just to clarify if I get my pay rise in March and my annual review is not until Nov do I advise this? I am told I can up to 10% more without having to up my payment so if my pay rise stays below this until Nov I will be ok? Sorry for silly questions just trying to get a clear pic in my head!!
You do need to check with your own IP. Each one has their criteria.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I received my pay rise last April but didn't actualy get any of the money til November, i informed my IP who didn't want any of the back pay. Have just had my annual review and increased my outgoings a little bit which still left some money left over but they didn't increase my monthly payment.
I send them my payslips every three months so i'm just saving the extra money for now, in case they ask for it, if they don't then bonus!!!
