?????????

[larsam]

will i be able to work overtime or av an saveing once the iva is set up?????????????

[kezza]

You can do overtime but any irregular income besides what you have stated you would normally have to give up 50% to your iva.

[iva_squirrel]

Hello,


In the event of bonus payments, or regular overtime, depending on their value, typically you will be required to share the benefit on a fifty-fifty basis with your creditors.

It is standard that an IVA will require the IP to check the income of the individual on a regular basis.

If the monthly amount received from income increases significantly it is possible for the IP to request a higher monthly payment. Often this increase will be only 50% of the increase to the net monthly income.


Regards,


Julia



For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[DebtDummy]

Yes, you can earn all the lovely overtime and bonuses you desire, but the IP will want no less than 50%.

All I have left is my humour.

[MelanieGiles]

Difficult to argue that the "50% uplift" requirement is unfair, as creditors are allowing you to keep your 50%. Most of my clients tell me that they are going to give up working overtime, as they are not going to bust a gut and only get half of the reward. This is perfectly understandable.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk