Help - Advice needed about my IVA

MeestaDimples

I started an IVA a few months ago and part of the agreement was that the IVA is entitled to 50% of any salary increase I have. I have just got a new job in London and I'll be earning an extra £150 per month. However, £105 will go on travel costs and the rest on rent as it is more expensive than where I currently live. All told I will not feel the benefit of my payrise but won't be worse off and I took this job because it has better long term beneifts than my current one. My salary is probationary and will go up another 2k after 2 months.

What I want to know is are they able to demand half of my initial payrise, which will ultimately leave me worse off? I can happily give them half of my rise in 3 months time.

Any help greatly appreciated!

CCCS_Matthew

Hi there,

I think the best thing to do is to get in contact with the IVA company to explain what you've said here. Any changes in circumstances should always be reported. It's important that you justify that the initial income you will recieve will be spent on priorities and that the creditors understand that.

If you don't mention anything to the IVA company you would be in danger of jeopardising your IVA, so as I said, just explain what you've said in your original post.

Regards,
CCCS