Iva And Pay Rises

[Tekashi]

Hi.. I'm currently 1 year into my IVA and have been keeping up to date with everything.. I normally have a 6 month review where they check my income and outcome and I have zero disposable income and really want to start saving. I'm due to get a pay rise shortly but this is one received to keep In line with inflation.. With this extra money I would love to start saving so have something for myself for my future, but would the IVA company allow this? Or what else could I do? Thanks

[Buenchico]

Although this page is provided by a commercial company it still covers your situation:
https://www.debtadvisorycentre.co.uk/blog/what-happens-if-i-get-a-payrise-during-my-iva-0-5657-0

[Buenchico]

PS: The nature of an IVA is that
(a) your creditors agree to accept less money and/or to wait longer for it ; while
(b) you agree to make all your spare money available towards paying off your debts.

Therefore, by entering into such an agreement, you've effectively given up any right to retain non-essential funds (as 'savings' or otherwise) throughout the full period of the IVA. If you keep any non-essential income you'll be defaulting upon the agreement and cheating your creditors out of money that is rightfully theirs.

[Tekashi]

Thanks for That