i'm confused and dont understand!!!!!

[oreetspud]

ok..i'm really bad at maths..need help....
if my basic take home pay is £1289 and i earn an extra £145 overtime a month and my iva contribution is 10% then 50/50...how much could i keep for myself????
thanx
i'm a thicko.

[kallis3]

My maths is rubbish as well!

However, you would be able to keep £128.90 (10%) and then £8.05 would be paid across to the IVA.

[oreetspud]

really!!!..wow...thats a great relief...
thanx so much kallis3...
just hope i get loads of overtime now..haha.

[Shining]

You would ignore the first 10% of the extra monies earnt i.e £14.50 and so take £14.50 off the £145.00 and that gives you £130.50 divide this by 2 and 50% to you and 50% to your IVA company i.e 65.25 payable to you and 65.25 payable to your IVA company is how I understand it.

[mumofthree]

Hi oreetspud, Ive just worked this out and got the same amounts as Lesley

[oreetspud]

oh no!!!..your joking!...i'm gonna owe them loads coz i worked it out wrong!
why would they say the 10% of your basic pay if u just ignore it????
i worked it out the same as kallis!
i'm in trouble now

[Shining]

I think it's you ignore the first 10% of any overtime amount and then do the split 50/50. Now that's in my IVA, does it state in yours you only take 10% of the overtime work as if that's the case then you're correct.

[mumofthree]

My IVA proposal says ignore the first 10% and then split the rest 50/50. Soo confusing

[debtfree-wannabee]

I would have thought it meant you were able to earn 10% of your basic pay without paying anything and then 50% of everything above.

Wow - I read that wrong!

[oreetspud]

ok..i've just looked through my stuff and heres the example it gives..
basic take home £1000
basic take home inclusive of overtime £1,300
10% to b retained by you £100
remainder to be split £200
50% to b retained by you £100
50% to b paid into the iva.
what do u think???
i'm thinking i get to keep most of it.

[debtfree-wannabee]

I think that means you can earn up to 10% of basic without paying anything.#
Then half of anything above - Phew - I thought that was supposed to be the case!

[Shining]

I was wrong then I always assumed it was 10% over and above the basic and then 50% of the remainder. We live and learn, not that it ever affects me as I'm salaried so never really had to work it out.

[oreetspud]

pheew eeeeeee!!!..i almost died then!
thats what i thought too but started doubting myself!..i need to chill out!....
i just want my annual review outta the way..i'm dreading it!..
i feel guilty coz i've earned some decent overtime!..silly, coz with the amount of interest i paid on creadit cards and loans for the 7 yrs i had them i should'nt b paying them NAWT!..lol

[Shining]

I'm sure you'll be fine oreetspud. Sorry if you had a panic. x

[debtfree-wannabee]

I'm not salaried either Lesley - I'm just hoping it will work the same for self employed