Get expert opinion. This is the place for new questions to be posted.
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Ryan.14
- Posts: 1
- Joined: Thu Oct 25, 2012 3:45 pm
hi if you get pay more for your empolye when you are in you iva do you have to pay more
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IVANotOverYet
- Posts: 172
- Joined: Sat Jul 28, 2012 5:49 pm
- Location: United Kingdom
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Ryan.14
hi if you get pay more for your empolye when you are in you iva do you have to pay more
Almost certainly yes. If your income changes month by month you'll be required to pay over some or all of the additional disposable income dependent upon your particular IVA proposal.
IVA Completed!
Final payment made November 2011.
CoC received 12/10/12.
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Niobe
- Posts: 5169
- Joined: Tue Jul 03, 2012 9:56 am
- Location:
Hi and welcome.
It will depend upon your own IVA - do you have the 10% 50/50 clause?
You would always have to inform your IP of any fluctuation in income.
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relieved33
- Posts: 1166
- Joined: Mon May 18, 2009 7:22 pm
- Location:
I received a small cost of living rise that unfortunately didn't cover our rising costs of living! We managed to secure cheaper car insurance this year but everything else went up! The rise, and a little extra, was absorbed into everyday expenses. I think it worked out at the annual review to costs going up by a little over 15 pounds more than the pay but we agreed to keep the payments the same as we had already had a 15% reduction in contribution.
As ever, it is better to check with your own IP as you do not want to have to make repayments at the end of this review year!
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pm5
- Posts: 207
- Joined: Tue Mar 25, 2008 12:15 am
- Location: United Kingdom
Post
by
pm5 » Thu Oct 25, 2012 8:28 pm
It depends on what reflection it has against you I & E, I am with DFD & eack review they always say they will not ask for increased contributions where your salary has increased by 2% or less, however I had a 5% increase but with all cost of living increasing they kept my payments the same.
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herbekj
- Posts: 553
- Joined: Mon Aug 17, 2009 4:09 pm
- Location: United Kingdom
It depends if your question relates to Overtime, Bonus or just annual increase.
The latter is simple, you get a annual increase you can easily absorb the lot by increasing your I&E as that is perfectly reasonalble. If the annual increase is less than or equal to inflation you should pay nothing more.
For the other two, bonus/overtime it will depend on your IVA but you will generally get to keep a sizeable chunk of it as there has to be an incentive for you to want to work extra or work to get a bonus.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
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Hyperdrive
- Posts: 766
- Joined: Sat May 07, 2011 1:43 pm
- Location: United Kingdom
You get assessed annually, so if the rise is significant I`d say yes.
