Payrise on IVA

greenbrucelee

I have had a payrise after four years of pay reductions (which is the main reason I got in the situation I am in). It only works out at around £40 extra a month.

My petrol has gone up to round £10 a week more.

Do you think I will have to give the £40 to the IVA or will I get away with not having to do that since my petrol has gone up?

I am with payplan.

Foxy-Stoat_3

It would be 50% of any pay increases mid term and reassessed at annual review.

If you read your agreement you will know for sure. I would be putting £20 away until the annual review, if you can show the increase in fuel then, they may not ask for the extra.

Max_Maxwell

Normally one is entitled to retain any increase in salary until the annual review when a full account of income and expenditure must be provided. You would then be expected to increase your monthly payment by 50% of the salary increase. As Foxy says, you should check your agreement as you may need to make the increases sooner or retrospectively.

However, if you can demonstrate that your expenditure has increased as well as your income, you may be able to offset some, if not all, of the increase.

My philosophy has always been to speak to the IP at the earliest opportunity in these situations. Far better to know now than be hit with something unplanned for in 6 months time.