annual review

[hallway]

In work lately i have been doing a fair bit of overtime i know half of this has to go into my iva and have been saving this,this overtime is only available at the moment because we are short staffed and is not always going to be available, whats worring me is when i applied for Iva they averaged out my wages over 3 wage slips and came up with a figure thats over what i earn on a flat month, thats fine as i can manage,but if they do this again at my yearly review not(till next year)with these higher wage slips theres no way i could manage if i didnt do overtime, will they do this.

[aguise]

Hi hallway
On our proposal it has a set fgure which anything we earn over that amount is subject to the 50%, each month I ring and pay it over so that at review I dont end up with the bill, my proposal states any increase in income etc is to be paid the 50% so I would assume they cannot include overtime, the set figure on the proposal should stay the same and anything over is payable, I do not expect it to change over the five years. Just make sure they only average your basic wage as overtime is not regular income.

Ang

[Adam Davies]

Hi
They should not as the overtime is not guaranteed.
Just continue doing as you are and put half safely away.
Don,t forget that if you have incurred extra costs for this overtime[such as extra mileage]then let your IP know, when you discuss your overtime payments,as this should be taken into account.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[hallway]

thanx hadnt thought of that iv been working an extra night i week so thats an extra £4 week in fares,also iv been saving half of everything over what they worked out as my average is this correct,

[Adam Davies]

Hi
Yes, you are doing the right thing.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[hallway]

just read mine again aguise and mine too says that 50% any income over amount set in proposal has to be paid, so does that mean if i get payrise i can keep half,sorry for all these questions.

[aguise]

Yes it does we are allowed 1136 income and anything over that goes at 50% and should stay for the five years. So as we get rises so long as you keep that 50% over then that should be it. Obviously as andy says offset any increases in travel etc against that, but if you save it for review then hopefully you will have a bit left.

ang

[MelanieGiles]

Hi hallway

In my practice, we review wages annually, but only take into account basic salaries. So if there is a salary increase, this may result in a higher regular contribution. Then, for the following year, the new salary level is used as the benchmark for calculation ogf 50% uplifts from overtime.

I'm not saying this is the right answer, but it seems to work for us and satsifys the creditors' requirements.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[aguise]

Hi Melanie
As you know I pay the 50% over monthly. As said above our basic was set at 1136 and any income and rises etc are payable at 50%, then if you reassess each year and then take 50% are you not taking more as you would be adding the rise to the basic and then taking 50% whereas you should only take 50% or are your proposals written differently concerning rises. Confusing myself now, do you know what I mean.

Ang

[hallway]

when i applied for Iva 2 of the wage slips i sent in were higher due to a 5week month and xmas overtime i told them this but they said they had to take average of the 3,this means the amount in my proposal is £120 more than i would get with no overtime in 4 week month,its working ok because i havent as yet had a flat 4 week month, but if they jusy average out my wageslips again at review i wouldnt be able to afford it some months if there was no overtime,not sure how they will work it out panicing a bit now.

[aguise]

Cant understand why they would do that they should have taken basic wage not overtime or xmas bonus as that is not basic. we have regular overtime but it could stop at any time so they just took his basic and didnt include the overtime.

Ang

[hallway]

Ican understand why they did some of it because its very complicated having some 5week months and some 4 week months,Im so confused now I really want this to work and for 3 months iv been in it its been great, no stress at all ,this month they are getting an extra £125 over amount in my proposal so that means im getting the same an that makes a big difference to me,im lucky that i love my job but am begining to wonder wether id be better just doing enough overtime to cover £970 they put in my proposal.

[aguise]

I know what you mean we are on average payong another 200 per month but only do it for the extra 200 for us that we get to keep, does your wage slip not state what is overtime and what is basic if so tell them to take the basic and not to include any overtime. I have just sat and worked out all our wages and in four months we have paid an extra 900 + into the iva on top of ordinary payments like you say if they start to take any of this as basic we would stop. Overtime should be to everyones advantage they get more but so should you.

Ang

[aguise]

Just to add they take our basic amount as twelve months so a four or five week month does not come into it as it is a set amount per month.
Ang

[hallway]

no my wage slip doesnt say which is overtime just states the ammount of hrs iv worked each month, im contracted to work 48hrs a week,but no where states this on my wage slip,i dont no what to do, dont want to end up with payments getting so high im struggling next year,if you dont mind me asking which company are you with.