It depends upon the terms of your own arrangement -- but, generally, you keep the amount equivalent to 10% of normal MONTHLY take home pay, then split the balance 50/50 with the IVA. Some arrangements go for a straight 50/50 split.
If in doubt simply ask your provider to point you to the correct clause in your paperwork.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy's calculation is spot on as usual although he is right that some proposals differ. You could send your wage slip to your IP each month and they will do the calculation for you which is what a large number of our clients do.
the good bit is that if you send your payslips in, it's difficult for the IP to comeback to you later saying you've calculated wrong and hence underpaid.
Not all cases have the benefit of retaining 10%, so have a check of what you signed up for - which should have been clearly explained by your IP at the time the proposals were being presented.
You are usually required to pay these funds into the IVA within 14 days from receipt.
