I have a payrise after changing jobs and just need some advice on when I need to let me IP know? I checked the wording on my proposal and it seems to state that contributions will be increased by 50% of net increase in the month following the annual review. Does this mean I wait until the annual review?
Thanks [:)]
Let them know now and they will inform you when you need to up your payments.
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
They should take the rise into account at the review and, in the meantime, the increase will be all yours. However, some IP's have been known to try it on and increase right away ( indeed, some arrangements are worded that way -- but yours is not).
As Kallis says, it is best to inform them now, so at least they know what to expect. As I have said before, I used to overload my IP with information for him to decide what he needed to know and what not, then there could be no comeback for not divulging anything I should have I am sure he was glad to see the back of me
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you, I thought that would be the case. I phoned and they said to send in new pay slips which I will. Can see the end in sight now so just want to make sure nothing goes wrong!
I am sure he was glad to see the back of me 