payrise

steady1971

hi i have just been informed i will be getting 1000 payrise from january do the iva take all of that extra money until next review ? 2nd review due in september . also before set up iva ex wife said she would sort out divorce as she was able to get legal aid but has come to light that court fees of 380 have to be paid for divorce to go ahead and shes refusing to pay so if i want it finalised (3 years i been waiting ) i got to pay can you miss a months payment for something as extreme as this and get it added onto end of the 6 years ? any advic greatfully recieved

balmk

Hello,

Congrats on the pay-rise. Don't wait for your next review -

My advice is to do a new I&E which not only takes into account the pay rise, but also includes any increases in your cost of living. Contact your IP to discuss the figures and the requirement to pay the court fees.

If you are increasing your payment beyond that which was previously agreed, and the forecast repayment % increases as a result of this, your IP is more likely to be able to justify a missed payment (with their agreement - don't just not pay!).

isie1980

Agree with above, always increase your IVA contributions as soon as you get a payrise etc. I think it wins you goodwill with your IP as you never know when you may need it.
I was fortunate in receiving annual payrises whilst in my IVA and regularly increased my contributions to the point where 4 years in I had paid what I had initially set out to pay over the whole 5 years (which had included a remortgage!). The result was that when I was pregnant a F&F of payments to date was accepted enabling me to save for my maternity leave. This may have happened had I not increased my payments but I truly believe my willingness to take responsibility for repaying my debts helped me get such a positive outcome.
Like previous post said, review I&E regularly too as too tight a budget can lead to problems so make sure it stays realistic.
Good luck and congratulations on your payrise - no mean feat in the current climate!