hi can anybody help with this im a bit confussed what dose this acctually mean
I will inform the Supervisors of any exceptional income (such as overtime,
commission, bonuses, etc) within 14 days and contribute 50% of that net income,
above the exceptional income level, to the arrangement. I will forward the contribution
within 14 days. Exceptional income is monies received which is 10% or more over my
normal take home pay.
di this nean if a normally take home 819 i can keep the first 81.90 then split the rest 50% ,or dose it mean that if i earn say 90 extra i can keep the £9 and then give up 50%
its just that when i ring my iva company they do it differnet ways,the first time i had any overtime they took 40% of the extra and then last month they took 60%
sorry if this is long winded any advice greatfully recieved
It should be that you keep the first 10% and then pay across 50% of the rest.
That's the way I read it anyway.
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
The clause actually means that if you can earn 10% on top of your normal salary (as stated in your original income and expenditure) in overtime, bonuses commission etc. Anything over and above that you will need to pay half of it in.
For example if your basic salary as stated in your proposals is £819 you can earn up to £900.90 and not pay anymore in - anything you earn above that you would need to pay half of into your arrangement. So if one month you bought home £1,000 you would need to pay another £49.55 in.
If your IVA company is doing it differently each time I would suggest that you speak to your IP so that he is aware of this and can properly instruct his staff on how the overtime should be calculated.
Hope this helps
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
thank you all for your advice it seems by wont you have all said includding my mum that i have been paying to much of my over time into them now i know how it works i will make sure i pay the right ammount in , in the futcure
