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 payrise and 50/50
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potatohead
New Member

3 Posts

Posted - 04 Dec 2018 :  18:00:44  Show Profile  Reply with Quote
Hi

Just a clarification on earnings

(q1)Would would happen in the following case...

Start IVA then 6 months later, pay rise, does the new rise go 50/50 share until next review in 6 months, or do i get to keep 50% of ALL payrises until 5 years is up?

or at the next review do i lose all this 50/50 split and start with a new payment level every month, effectively getting nothing extra?

(Q2) If my payment goes due to a payrise, say from 100 to 350 a month, then goes down (for a lob change) to 100 again, will the IVA fail due to a loss of 250 a month or will the IP and creditors just be happy the had an extra 250 each month for a while?

thanks

IVA Adviser
IVA Expert



767 Posts

Posted - 05 Dec 2018 :  08:59:39  Show Profile  Reply with Quote
Hi potatohead.

You'd need to read your IVA agreement, or check with your supervisor, to be sure about this.

Often, if your income increases by 10% or less, you'd keep all of it.

Increases above that level are likely to be split. This would often persist after an annual review.

If your pay went down a lot you could usually expect your contribution to go down. I can't see that this would put your IVA at risk of failure if your creditors are still being treated fairly in respect of the original agreement.

As mentioned at the start of this answer though, the terms of your own IVA and the view that your supervisor takes are both relevant factors here.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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