www.iva.co.uk

Got offered a huge pay rise (50% increase) today for a year on a project we are doing at work, means lots more work from me but i could not turn it down really....the boss has told me that he has offered me the bigger increase to make sure i replace my wife rust bucket car (he says you should treat her so i am given you more to do so) of course he does not know we are in an IVA (and that's why she has a rust bucket car that's on its last legs) now I am worried that he will ask why i have not bought her a replacement when he fly's over on his next visit in June as i know of course my increase will be swallowed up by the IVA or best case 50% taken until next review, its another £900-£1000 clear of taxes per month for all the extra hours I will be putting in for the next year and although I should be really happy I am really stressed and how I am going to explain it next June.... I have emailed My IP to inform them of the news but cant help thinking if i did not take up the offer i may have put my main role in some question as I and my boss know i can handle the second role just more hours and more stress. Why is such a great opportunity and project to enhance our future feeling like a negative for me right now. I know its a great problem to have and perhaps most would want the same problem so I do not wish to sound ungrateful, I just worry about not being "compliant" (i know my boss cant dictate what i spend my money on) and what effect that might have on my future possible increases or bonuses. Sorry felling a little low when i am sure most would say more money is not a bad problem so stop moaning......[:(]

please don't let this great opportunity be overshadowed in-a-mess, it sounds like you would like this new contract, and will be well able to handle it..if you will clear nearly an extra 1000 a month, maybe you could save all your part of this extra, and then in May, buy your wife a 'newer' car for a couple of grand?...just a thought, but talk it over with your IP, and don't let it spoil your good news, think of the future, and what it could bring...godd luck, & many congratulations!

Hiya,

Just a suggestion but are you able to find a newer car and get finance from moneybarn at all ?

You will need to speak to your IP, but at least you can get a new car for your wife and your employer does not need to know about your IVA.

This money may not be captured until the annual review so you could possibly spend it as you wish. Your IP should be able to guide you here and the suggestion of buying a vehicle on HP is also a good one.

I agree wuth Michael and Mrs R. Try leasing a car using some of the money, but do be prepared for your IVA payments to increase. You will be better off, and building a better career hopefully for the future.

Thank you all for your replies, I have looked at my details tonight and I think I will be paying 50% over which is fine because it means that we will get something, I think I will ask my IP about the HP on a car, that sounds like a plan and would solve the "why did you not net something better" which might be the case if we went for something with the funds we might be able to save before June. Have to admit i feel a little better knowing we might be able to keep something, i was more worried about it all going and being handed over making all the extra hours and stress a little less appealing [:I]

Do make sure that if you take out a leasing commitment, you will still be able to make the payments when your salary reverts to normal.

Also, as you are in an IVA your payments may be at a slightly higher apr rte than normal and try will want a deposit too!

As Dawnyofs said look to the future. An IVA is all about drawing a line and moving onwards and upwards. Great news if you ask me[8D]