Payrises whilst in IVA

[bettyboop]

I am looking for some advice regarding payrises whilst in an iva. I have been offered a promotion at work which is great news, however, the impact the new job will have on my family will be huge due to me working longer hours etc. I am worried that all of the extra income would need to be handed over to creditors? I have read our chairmans report and it mentions that 50% of pay increases will be applied following our annual review after our expenditure has been taken into account but as we have only just completed our first annual review based on my current earnings, I am wondering will another review be done immediately or at our next review? I have contacted our IP for advice and clarification and am awaiting a reply.

Any advice would be greatly appreciated as I have to make a decision about the promotion before tomorrow.

Many thanks

[MelanieGiles]

I have now replied to you directly on this point, but for the benefit of other posters - the answer to such matters always lies within the terms of the IVA proposal/Chairman's report.

If your increased income is significant, then it is sensible for an early review to be carried out by your IP, as this would be in the best interest of creditors. Do make sure that you are making the right decision for your future - you will no doubt benefit from some of your increased earnings, but if this is at the expense of family life - often that can be priceless.

[bettyboop]

Thanks for your reply Melanie, I appreciate your advice.