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Posted: Sat May 05, 2012 9:42 am
by nittykitty
Hi All,
Just a little confused here!
My chairman's report states I inform of payrises at the annual review, however I'm so scared of putting a foot wrong and them asking for backdated money that I have always informed IP immediately and they have taken the extra money accordingly.
I am posting this in response to an answer I have read on another thread and was curious as to whether or not we should have actually waited until annual review time.
Posted: Sat May 05, 2012 10:13 am
by Steve.1
Hi,
For me its any increase over 10% (I should be so lucky) that I would need to tell them about mid year. If less, then no need. As for expense changes, thats picked up at annual review - although when I have told them mid year of significant changes (mortgage rate reduction) they have snaffled their 50%!
Posted: Sat May 05, 2012 11:03 am
by MRBLUESKY
Hello nittykitty well done for getting this far in your IVA,and for being fortunate to get a payrise this day and age.Unless you get a substantial payrise like for promotion for eg,then you dont need to contact your IP,most cost of living payrises will be offset,so include these in your annual I&E form,thats what your conditions are and all will be well.You will soon be debt free good luck.
Posted: Sat May 05, 2012 12:10 pm
by Olivia Young
Hi nittykitty
You can do it either way - whatever suits you. I would say most wait until the annual review but if you receive regular bonuses or overtime, you can make the additional payments when you receive the extra income.
Posted: Sat May 05, 2012 12:29 pm
by nittykitty
Thanks for the replies!
Hubby has been promoted twice in the last 4 years so a significant increase. I have worked extra to cover staff shortages but not more than 10% increase which is written into my report.
And yes the light at the end of the tunnel is nigh....still wish it was here though[;)]