www.iva.co.uk

I received a salary increase but haven't informed the IVA management company, should I have and what happens because I haven't?

Hi dawn and welcome to the forum

Whilst you should inform your IP of any salary increase, if its only a cost of living rise , you may well find you can keep it; also , if its near the time of your annual review , you may well find you need to increase some of our allowances due to inflation eg petrol , food , electricity etc.

Best thing to do is notify our iva co , however you will probably find by doing this , even some time after the rise , this will be ok.

Am I assuming correctly that its a castoff living rise possibly around 3% ?

Unless the salary increase is significant, these are usually left until the annual review, following which any adjustments in our payments will be made. There is never any harm in advising your IP company when you do receive the rise, however, and leave it up to them to determine what, if anything, needs to be done.

If your payments increase due to increase in salary and then at a later date, if circumstances change, could your payments go back to original payment amount or are u then tied in to the higher amount for the rest of Iva?

You will probably find that your IP only accounts for this at your annual review. This is the advice and practise that GT have adopted, even though my pay raises happen one month after my review. I pretty much end up with 10 months of the pay raise and as it is never a life changing amount GT chalk it up as a necessary increase to my I&E due to inflation etc. GT may be slow to close IVA's but they have a very fair method of administering it during its course.

Your payments can be adjusted back down Rith, if your circumstances change to your detriment.

Brilliant thank you Melanie