www.iva.co.uk

Hi

I have just had a promotion at work. Just wondering what the usual protocol is with regards to an IVA ? I am going to call my practitioner tomorrow to inform them, will I need to show them proof of income ? Will I need to send new wage slips etc ?

Any advice appreciated.

Thanks

Congratulations ! In some iva's changes to income are taken into account at the annual review stage and not before however you should check your paperwork.
You should once taken into account see at least 50% of any increase in salary.

luluj wrote:

Congratulations ! In some iva's changes to income are taken into account at the annual review stage and not before however you should check your paperwork.
You should once taken into account see at least 50% of any increase in salary.

Thanks for that Luluj

I'm with Stepchange. Can't find any info in my paperwork.

What would happen if I didn't tell them until my next annual review ?

Congratulations on the promotion ... I was with Stepchange and received a payrise each year just 3 months after each review, they did not want to know about it until the annual review but it could be that my payrises were never over the 10% extra I was allowed to earn before any extra payment that month.

At the annual review only twice in the 5 year did I have to increase my payments to the IVA as Stepchange "amended" some of the figures at the review to take into account the pay rises on the other years.

If you are concerned about it then I found an email to them was usually answered within a couple of days.

Your proposal should mention annual reviews etc and as the others say this is usually dealt with at that time. However you could always drop them a line mentioning the promotion to keep yourself right.

If you don't tell them until the annual review you might find you have back payments to made from the date of the increase.

You also have a duty to inform them of material changes to your circumstances.

Best to disclose now so you know where you stand.

Thanks all for the info. Have emailed my practitioner with details.

I always made a point of telling my IP about all changes ( whether they wanted to know or not) .... then any inaction would be on their part, not mine. As has been mentioned above, and was what happened in my case, any pay rise was all mine to enjoy until the review follwing the rise, at which time my payments were increased by 50% of the increase from then on.