Depends on your own IVA. Most say 10% plus 50/50, some say 50%. Either way you will get to keep some of it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kallis3
Hi,
Depends on your own IVA. Most say 10% plus 50/50, some say 50%. Either way you will get to keep some of it.
To clarify -- if you have the 10% 50/50 clause you get to keep the equivalent of 10% of your basic wage ( not 10% of the extra money) then split the rest 50/50.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I'm also starting to get letters from creditors now rsaying my account is now in arrears please pay Do I just ignore these? As my Iva meeting is next Wednesday?
Ignore them - after Wednesday they will be irrelevant anyway.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Yes, ignore them ---- many of these are from sub contracted collection companies who get a commission for payments collected. Some will say all sorts of things ( basically lies) to get that payment out of you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Going back on the wage again I'm a little confused lol
My wage is £417 after tax on a flat week and £487 a week when working overtime on a Saturday so extra £70
Also my wife take home is £860 a month but rising to £1,000 a month after tax?
They usually average out the monthly wage --- but, as an example, using your weekly figures --- assuming you are in your own IVA and have the 15% 50/50 rule: Standard wage £417 --- 10% of this is £41 (rounded down), so, on the week you get £70 overtime you keep the first £41 (the 10%) and split the rest 50 / 50, so pay the IVA £14.50.
If you are in interlocking IVA's ( both you and the wife have one -- this alters the calculation, as her salary would be counted. Her permanent pay rise would get split 50 / 50 so would add £70 to the IVA payment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Most IVAs are calculated on a monthly basis so your income should be listed as £1806 [417 x 4.33]. I would therefore argue that the overtime is calculated monthly and so you can earn £180.60 per month without paying anything to the IVA.
You should also bear in mind that payrises are dealt with at the annual review and not covered by the 10% 50/50 rule. Your wife's payments may increase by 50% of any additional surplus next year but only after allowing for increased costs of living.
You'll be fine and we will be thinking of you and post of acceptance!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hello all I've had a letter today from credit fix telling me about my creditors meeting next Wednesday 28th
@ 12 o clock they said I need to be home to take any calls from them. I start work @ 2pm how long do these creditors meetings go on for?? Thanks
Ours was timed for 1 o'clock if I remember rightly and I got a call around 2 hours later that we had been accepted.
I didn't get a call during the meeting
Last edited by watzki on Sat Sep 24, 2016 8:13 pm, edited 1 time in total.
Today 1st of December 2016 the vultures finally flew away
