Is there any way to go back.

[OPTIMIST12]

Skipper -

I am very lucky in that I can do normally do regular - and significant - amounts of Overtime. I get to keep 50% of this money which makes a major difference to my financial position. Its true that - if I did not have this option - things would be a lot tougher for me. And - like you say - the 50 / 50 agreement is indeed a win / win situation. If some people get this on their basic pay rises too then good luck to them. We all have different circumstances and there is no "one size fits all" solution.

My main point is that when someone signs up to an IVA they agree to repay the maximum that they can "reasonably" afford. A persons I / E budget should show what that is and the Annual Review should increase it where appropriate. Creditors generally seem to accept that the 50% arrangement for Overtime / Bonuses benefits both sides - the issue of pay rises seems to vary from provider to provider. Like Andy says - perhaps it would be best to have a standard 50% agreement for these also.

If ever my Overtime stops then I would really hope that I would be allowed to keep 50% of any earnings I was able to get from finding a part-time second job - but I will cross that bridge if and when I come to it.

My agreed inflation increase for expenditure was 3%. I have not kept a detailed record of how my expenditure has gone up since I started but I do know that my monthly train ticket is going up by about 7% next month. Maybe I will change my views over the months ahead - I dont know.

Whatever happens - I am determined to repay the maximum amount that I can. If my IVA fails somewhere along the line then so be it - but it wont be for want of trying!!!

[aguise]

I too think it would be much better if all bonuses overtime and payrises were 50/50. I am lucky in that my proposal is written that way. As Andy says there has to be an incentive or a lot would not be inclined to do it. I like optimist have paid a lot extra to our iva through overtime and am glad to do so, but the other half that we kept saved us from struggling through a few awkward episodes.

ang

Please visit my blog at http://aguise.blogs.iva.co.uk/