Congratulations ! Promotion at work often brings extra costs ie more travel so a full review if income and expenditure must be done. You should at least see 50% of the increase with your creditors benefitting from the extra.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Congratulations from me as well and I echo luluj's comments.
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
Well done. Check your paperwork, they usually address a permanent payrise at the following review and increase your IVA payment by 50% of the net increase thereafter. Some arrangements are written so the increase happens right away and some firms just try it on, so do have a good read. You will, in any event, need to tell your IP right away.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with all the comments. Bear in mind too that the promotion could lead to additional responsibilities, more clothing/dry cleaning costs etc. Do not turn down this chance as at worst you will increase your payments by half of the net increase after any additional costs.
Michael Peoples wrote:I agree with all the comments. Bear in mind too that the promotion could lead to additional responsibilities, more clothing/dry cleaning costs etc. Do not turn down this chance as at worst you will increase your payments by half of the net increase after any additional costs.
What do you mean by increase my payments by half i pay £195 a month do you mean it would increase by around £97 a month or could it be more there will be more costs as il need office clothing ie suits as well as my working ppe
Michael Peoples wrote:I agree with all the comments. Bear in mind too that the promotion could lead to additional responsibilities, more clothing/dry cleaning costs etc. Do not turn down this chance as at worst you will increase your payments by half of the net increase after any additional costs.
What do you mean by increase my payments by half i pay £195 a month do you mean it would increase by around £97 a month or could it be more there will be more costs as il need office clothing ie suits as well as my working ppe
He means the payment will increase by half the increase in income. Say your pay rise is an extra £100 per month and your IP agrees that you allowances go up by £10 per month to cover extra clothes etc. Your net increase in income will be £90. So your payment of £195 will increase by £45 to £240.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Michael Peoples wrote:I agree with all the comments. Bear in mind too that the promotion could lead to additional responsibilities, more clothing/dry cleaning costs etc. Do not turn down this chance as at worst you will increase your payments by half of the net increase after any additional costs.
What do you mean by increase my payments by half i pay £195 a month do you mean it would increase by around £97 a month or could it be more there will be more costs as il need office clothing ie suits as well as my working ppe
He means the payment will increase by half the increase in income. Say your pay rise is an extra £100 per month and your IP agrees that you allowances go up by £10 per month to cover extra clothes etc. Your net increase in income will be £90. So your payment of £195 will increase by £45 to £240.
Cheers for that still not bad as paying the extra has to look better for me in the 5th yr surely
Zippy6971 wrote:
What do you mean by increase my payments by half i pay £195 a month do you mean it would increase by around £97 a month or could it be more there will be more costs as il need office clothing ie suits as well as my working ppe
He means the payment will increase by half the increase in income. Say your pay rise is an extra £100 per month and your IP agrees that you allowances go up by £10 per month to cover extra clothes etc. Your net increase in income will be £90. So your payment of £195 will increase by £45 to £240.
Cheers for that still not bad as paying the extra has to look better for me in the 5th yr surely
Every little helps ... and once the IVA has concluded, it will be all yours for years to come.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Bear in mind that had you not been in an IVA any extra money would have all gone to repay creditors. This allows you and your creditors to benefit and think of all the extra cash when the IVA is over. It is also likely that you do not need to increase payments until the annual review stage so you should benefit from all of the money until this time. If you receive tax credits there could be a reduction as a result of the increased earnings so check that out too before you agree to any uplift in payments.
I'd be really interested to find out which IP you were with and what they said about this - I have just applied for a new job so fingers crossed I will be in the same position soon!
trazy wrote:I'd be really interested to find out which IP you were with and what they said about this - I have just applied for a new job so fingers crossed I will be in the same position soon!
Trazy -- the details should be written in to your proposal -- always check what that, and the Chairman's Report, says first. Some IP's "try it on" and some simply do not realise which terms you have agreed, when they have taken on other firms cases with slightly differing terms they tend to lose track.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have the "standard conditions for IVA - produced by the IVA forum, revised June 2016."
I have found 2 paragraphs which I think are relevant to this:
- any "overtime, bonus, commission or similar" you must report anything over 10% of your normal take home pay.
50% of the amount (over and above the 10%) to be paid within 14 days.
and
- The supervisor is required to review your I&E once in every 12 months by reference to latest P60, pay slips & proof of increase in any expenditure.
"You will be required to increase your monthly contribution by 50% of any net surplus one month following such review."
I'm really hoping this means I would get to keep the increase for a few months as it will give us some breathing room to help us to settle into the new routine and work out what our new expenditure will be (more childcare and more fuel are almost certain!)
