I have just worked out my husbands wages after reading this post.
He gets paid fornightly and has two amounts for each week go in on that day. Our IVA started on hubby's pay day 3rd July when he was paid 2 weeks money. He will get 2 weeks money on 17th July and again on 31st July.
Will the money on 31st July fall under 10% then 50/50 rule? This will be his normal wage and not overtime.
Or will it just even itself out over the year.
Thanks
Last edited by carrie on Fri Jul 10, 2009 7:44 am, edited 1 time in total.
I'm with Melanie, and we have the 10% 50/50 rule. I get paid on the 30th and OH on the 15th, so we have to do 2 calculations and normally have to send 2 cheques off each month for any extra overtime/bonuses.
I would hate to leave it until review time, it's far easier to do it once a month, and it does state in our proposal that the monies have to be paid within 14 days of receipt.
If it is his normal wages carrie, then I think he would be ok.
Just give your IP a quick ring to be on the safe side and check.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Can I ask and sorry if I sound a bit thick!! with the 10% rule for example if I picked up an extra £100 would I be able to keep £10 and then it would be half of the £90 that I would have to give the IP, sorry bit confused thanks Locko x
The 10% rule is based on your net monthly take home pay. the expenses on the I&E are calculated monthly so if you are paid weekly and have to pay the money monthly it can be a little tricky. The easiest way is to divide the monthly figure listed in the IVA by 4.33 to give the weekly wage. If you earn more than 10% above that figure there may be extra to pay. However, if you only have one or two good weeks a month the increase may not bring your monthly total over 10% so there is no extra due.
Locko. If your earnings are £1,000 net per month and you earn an extra £100 you pay nothing as your net income has only increased by 10% so if you earn £2,000 you can have £200 per month. You pay 50% of the amount over that figure.
I am so glad I don't get the opportunity to work any overtime!
Much simpler if you don't![:D]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
can anyone tell me if it is the same with annual bonus'? I may get a performance bonus in Aug. This can vary from £325 right up to £720 and will be paid in Augusts pay packet.
Back to square one but what dunt kill you makes you stronger!!
Check your proposal and report, but I think it does apply to bonuses as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Fingerscrossed,
Bonuses can be argued to fall under the Windfall provision in your IVA. This can be found in the 'aquired assets' section of your terms and conditions. If you are on a protocol compliant IVA this usually means that you can keep the first £500 of any windfall and the remainder paid over into your IVA.
You may be better off under this provision that the overtime one.
Good Luck.
You would need to check either your specific proposal/report, or ask your IP what it would fall under.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I do find the different approaches to dealing with situations confusing and it appears very much dependent on the communication with your IP and their decision.
The key is understanding the terms of your IVA before you sign up to it - as well as having creditor modifications properly explained. I rarely encounter clients of mine who get confused, but we do make sure that they fully understand what they are signing up to before they sign.
I found the situation regarding my payrise confusing.
That said I do think simple scenarios are explained when you commit to an IVA, but its impossible for all situations to be explained and the pure volume of information at time of great stress can mean it is hard to take it all in.
I am by no way criticising Melanie, just seems the different T&Cs of IVAs is a strange scenario, but I suppose thats what gives the flexibility.
Last edited by Adam16 on Sat Jul 11, 2009 4:21 pm, edited 1 time in total.
