Hi, Just want some advice please. Here I go! I have just had my interlocking IVA split from my ex-partner and GT was really good and dealt with it very efficiently. I am a single parent and I am trying to sell my house which is joint with my ex, we are in negative equity so once the house is sold or repossessed (I have stopped paying the mortgage because my ex would not give me half towards it and I had to move out and get rented accommodation because of my ex and his wife causing trouble)we will have the shortfall difference to sort out. I work part-time at the minute and my boss has asked if I can work some overtime because somebody is off sick. I have phoned round and I will lose my housing benefit which is £160.00, but because I will be working over 30 hours I will be getting £60 extra working tax credit. So my way of thinking is I could put the extra £60 towards the loss of housing benefit and then the money from the overtime I would need to put another £100 towards it to make up the loss of £160.00. I then thought whatever overtime money is left I could keep 10% as in my agreement then split the rest 50/50. Therefore I will be getting a bit extra each month and also paying some more money across to the IVA. To be quite honest with you the extra money I will be getting will help me to pay some extra bills that are arising due to the sale of the house. What does everybody think? Do you think this is fair way of doing it?
Not 100% but suspect that GT would expect half of the full overtime initially, although if your circumstances change you can request completion of a new I&E (and see if they will let you change the amounts you pay that way). It might be difficult though, as the overtime presumably isn't guaranteed forever?
I think you bigger concern may be a new debt arising out of the negative equity on your house/not paying the mortgage. Presumably that debt isnt in your IVA and so you could be pursured for that. I hope one of the experts on here can give you more advice and I would suggest speaking to GT soon. Hope this helps.
I believe that GT will treat the OT as 10-50-50 as long as you tell them it is only for a short period of time. If this is going to be a permanent or long term arrangement then they may treat it as a pay rise and it will be calculated at your next review. GT are being slow at closing cases, however they are very fair when it comes to who gets what, when. Good luck.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Thanks, I am going to contact them on Monday. If I can't cover the loss of the housing benefit before they take anything off me then it is not worth doing the extra hours because I will have to make up the £160 which is calculated in my I & E at the minute. I will see what they say, but thanks.
Your IP should allow the additional income from overtime, to supplement the lost benefits - before applying the 10%/50/50 rule - but clearly you do need to get them to specifically agree this for you, so give them a call tomorrow to set your mind at rest.
Hi Yummy Mummy, I could really use your help, I am currently trying to split my interlocking IVA which is with Grant Thornton and they are telling me that it is not possible, please can you let me know who you have spoken to so that i can contact them to try and get this resolved. Many thanks in advance
