- Thu Feb 27, 2014 5:06 pm
Hi Rick332 and welcome to the forum
If your income changes when you are in an IVA you must let your IP know and they will review your circumstances. How much you will have to pay extra to your IVA will depend on how much your income has increased, it is not as straight forward as 50% of your income.
It will depend on your living expenses and income, but yes if you are earning more and your living expenses are the same then it is likely that you will need to pay more to your creditors. Although if you are spending more due to your new job in fuel for example that this will be taken into account. A rule of an IVA is that you must be seen to be paying as much as you can afford to.
I hope this helps and please come back and let us know how you are getting on and if you need any further help.
Melissa McDonald writes articles and blogs about debt solutions and how they can be implemented. She aims to reassure people having debt problems that they can be debt free!