if I do overtime is 50% paid to IVA?

[dcj]

if an IVA arrangement is made is it in the agreement that if I do overtime,50% of that is paid on top of the monthly agreement?

[neverending]

Yes,this is generally a provision of most IVAs

[DebtDummy]

Yes you do have to give them 50 % of your overtime and bonuses. I received my draft proposal and it states this. I found out from this site this is standard in an IVA agreement. Good luck! Continue to post so we can see how things work out for you. You also get very good support here.

[Dominic]

Yes

[nutz]

just started my iva last week my ip said i dont have to pay anymore money in now if i do overtime but next yr when they review it if theres a pattern £50 per eg then i will have to pay more but if its here and there i wont

[Adam Davies]

Hi
I,m not a fan of this type of administration.What happens if this year you earn £5000 in overtime and after your review your overtime is stopped ??.Would your IP expect you to pay the £2500 from your next twelve months pay ?
You are better to put 50 percent of any overtime to one side so that you can settle your liability each month.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Oliver]

I agree with Andy on this point, I think it is prudent to pay 50% of any overtime (if this is stipulated in the terms and conditions) upfront that same year and avoid future complications such as the one Andy has highlighted above.

Best Regards
Oliver

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