increase in take home pay

[dave.w]

Hi
My wife and I are just coming up to the end of the 2nd year of our IVA. At last years review there was no change in our monthly payments, even though we had both earned a reasonable amount of overtime at times during the year. This only helped to keep our heads above water it has to be said - no holidays etc. At the end of this 2nd year, I have earned more in overtime than in the previous year, but none of the O/T is garanteed, I have just volunteed to work weekends etc. I would like to know how this increase in take home pay will be viewed by our IP in this years review? It may be that next year we have little opportunity to earn much extra.
Thanks
Dave

[Viki.W]

Welcome to the forum, please wait for an expert to help you, you are in a great place for some good advice and support. Have you spoken to your IP about this? Viki X

[sblack]

That is a good question. My husband can sometimes work extra but it is not always guaranteed every month and can stop at anytime, so he is scared to do it as our payments may go up at the review and the extra work may not be available to fund the extra payments. I will wait for an answer to your question with interest.

[TheMatrix]

For similar reasons I don't work overtime unless it is absolutely necessary. At least that way my monthly take home pay is always the same, and the IP can see that.

I should just explain the situation at the annual review hopefully they will see sense and realise that overtime is never guaranteed.

[gracey84]

My agreement states that I need to pay 50% of any extra monies on top of my stated salary. So long as I stick to that agreement my monthly payments won't go up. Unless it is a permanent raise in which case I have to do my expenditure plan again!

Just means i'm not hit with any extra charges at the end of the 3 month check stage!

[kallis3]

I shall be working this Monday. I normally get paid double time for bank holidays, but as I only get to work a couple a year, I don't want to have to pay any extra money across as it will leave us a bit strapped (not that we aren't already!). I shall taking it as time instead.

[Adam Davies]

Hi Dave
Most IVAs have a clause that asks you to pay over to your IP 50% of any overtime earned.
Have you looked at your chairmans report to see what it states regarding overtime payments ?
Regards

[MelanieGiles]

As Andy says it is very normal with IVAs these days to have an uplift clause, and dangerous to wait until the end of the year, when you may be asked to pay over additional earnings that have actually been spent. I would seek the guidance of your IP at an early stage to be sure.