I am about to negotiate annual salary review in a couple of months and just wanted some clarity on the benefir that I am likely to receive as the result of any remuneration.
Is the first 10% of any increase not considered and the remainder split 50/50 with creditors.
Is it the post tax amount which is considered?
Is the 10% based on the increased salary, or overall take home. (Eg if rise is £4000, would the first £400 be not considered)
Also, does the 10% and 50/50 rule apply to all IVA's, or do different propsals vary ?
Nat x
IVA approved 18th Sept 2010!!
"There is nothing that is a more certain sign of insanity, than to do the same thing over and over and expect the results to differ" Einstein
Different proposals say different things, so not all are the same.
Not sure about payrises as I have never paid anything extra across.
Check your proposal/chairmans report and always ask your IP if you're not sure.
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
As Kallis3 says, proposals vary, so do check what it says and ask your IP. Any increases in income will usaully be offest against increases in expenditure as well, so don't forget to check that out.
Which company do you work for Avner? We have experts from various firms on here and our posters find it useful to be able to contact them via the forum.
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
Payrises are normally dealt with at the annual review. You payments are increased by 50% of any surplus after allowing for inflation so this is not covered by the 10% 50/50 rule. It is always worth keeping your IP informed of changes especially if the payrise is substantial.
