www.iva.co.uk

Hi

I've just been given a payrise at work, can anyone let me know how much of it I have to hand over under my IVA and do they take this immediately or at the next review????

Advice really appreciatedx

You need to advise your IP of your payrise - they may not take anything before your next review, or they may ask for half.

When you have your review you will need to complete a new income and expenditure taking into account any increases in your outgoings. Anything left over will need to be paid into your IVA.

hi any payrises reflect the cost of living,so i would just add it in your next review and your expenses will probably off set it as long as it is not substancial,because of a promotion.x

You do need to inform your IP before your next review. If they want any extra to be paid into your IVA it's better to do it now than have to find a lump sum at your review.

Thanks for the advice - its not due to promotion - just in recognition of my work but it is quite substantial. We have some changes that we need to take into account such as hubbies job is changing and he will be on less hours therefore less money and he currently has car provded by work which may stop and he'll have to try and enter the companies Lease Car Scheme as he has to have a car for work so I wonder if the payrise could be used to off set these changes, this will ensure we can maintain our monthly IVA payments at their current rate??? anything left over from the above will be given towards the IVA? Has anyone had this happen before?

Have a word with your IP and explain the circumstances. Hopefully they will take the common sense approach and work with you on this.

Congratulations for the pay rise!

It all depends upon the specific terms of your own IVA. Have a read through the proposal or Chairman's report, or ask your IP for their advice.