Annual review and overtime - not sleeping

[Anxiousallthetime]

Hi, need desperate help. We’re technically 3 years into our joint iva which includes a 9 month maternity break due to pregnancy.

I don’t recall the 10/50/50 overtime rule but came across posts about it at the weekend. I’ve been doing overtime since October last year and haven’t declared it. When it comes to my review what’s likely to happen? Will it be a breach and a failed iva or will there be scope for some help? My husband is hoping that they’ll increase our monthly payments over the next 2 years and spread out what I owe but I’m concerned we can’t afford to do that. I really don’t want to extend it either.

I haven’t eaten or barely slept since the weekend with stress. Please can someone give me some reassurance or experiences themselves?

I genuinely didn’t recall the clause but it is in my agreement as I’ve checked.

My daughter has celiacs and our food bill has gone up, my husband has lost his bonus from this month (they calculated that at the beginning)

I’m really worried about it being failed and them forcing us into bankruptcy.

I haven’t declared it yet as my review is due anytime.

Be grateful for any help.

[Foggy]

The chances are that they will calculate the amount of overtime that should have been paid and this amount will be treated as arrears and will have to be paid in somehow. From the sounds of it, adding an extra amount to existing payments will cause hardship, which might cause the IVA to fail. So, if your IP is in agreement, a short extension to cover the missing amount might be better. I know it's a pain, but a few extra months, in the grand scheme of things, will be less painful.

At the end of the day, yes, there will be a breach, but, hopefully, your IP will realise that it was a genuine mistake and will work with you to find a solution.

[Anxiousallthetime]

Thanks so much for your reply. If we can somehow agree to extra payments, do you think that can be spread out over our last 24 months? It was genuine , they can’t instantly fail us for this can they?

[Anxiousallthetime]

So… new, help really needed.

I’m 3 yrs into a joint iva (including a 9 month break due to maternity leave) and our annual review is due next month.

I’ve been doing overtime since October last year and genuinely don’t recall the 10-50/50 clause. So obviously with my review they will see this.

Firstly what is the likely outcome? Will our IVA fail or will I now need to pay the overtime back.

I really don’t want to extend it any longer than it already is but I can’t see how we can increase our payments.

I’m guessing I can’t get lucky and confirm to them that we wouldn’t have survived without it, which is genuine.

If I’d have recalled it I wouldn’t have bothered.

I’m barely sleeping or eating now with worry. Has anyone had anything similar or can offer some reassurance please?

[kallis3]

You need to speak to your IP as your overtime should have been declared. It will be up to them what they decide but you may be able to add any additional money to your payments at the moment or have an extension even if you don't want it. At least you know that if you do so then your IVA should be ok.

[Foggy]

Identical topics merged to keep all replies in one place

[Anxiousallthetime]

Thanks foggy, I posted this last Sunday but it’s only been posted today. Hence the duplication.

I just hope they let us increase our payments, id rather scrape by for next 2 years than it fail or them extend it. I’ve heard that it’s in their interest to not let it fail so fingers crossed they’ll help.

I’m just sick with worry

[kallis3]

Give them a call and let us know how you get on.

[Anxiousallthetime]

It’s due any time, so I’m expecting them to call me as soon as they see it

[kallis3]

Call them before they call you and explain the situation to them.

[luluj]

I agree with Kallis, call them/notify them. It is your responsibility to notify them of change of circumstances as they happen, as well as provide detail for any reviews.

I would contact them today and explain- if it is easier to put it in writing to them do that today and then follow it up with a call in a couple of days time. By not informing them now you have realised your mistake in not declaring you could be said to be "ignoring" it further.

You have reasons for the situation, things are stretched with the additional food costs due to the health reasons etc. I am confident once explained they will work with you to find a solution.
Personally if offered I would extend by a few months rather than increase payments over remaining term - why? I feel this gives you greater opportunity to deal with life's curveball that are often thrown when at our hardest times... overstretching yourself now until end of term is not a great idea in my opinion.

[Anxiousallthetime]

I’ve spoken to them, sent my wage slips in and they’ve agreed I can pay it over the rest of my term. So glad I got in touch now. They’ve just said if I’m unsure to send my wage slip in. Feel tons better.

Thanks everyone.

[kallis3]

That's good news, at least you can sleep tonight.

[Foggy]

Great to hear that it has been sorted ---- and ..... breathe

[luluj]

Just catching up on posts - good to see they have agreed to your request, albeit a little concerned you may stretch yourself very thin in the remain months. Wish you well.