Over Time ???

[john.jk]

Would anybody help me on this one !!
My Iva say's i can earn 10% in overtime/other payments on my wages
and anything above this splits 50/50 ? As i am paid weekly do's this mean on my weekly pay or is it monthly ? yearly ?
Thanks x[:)]

[Adam Davies]

Hi
Each week that you earn overtime the first 10% over and above your normal net wage is yours,after that you need to split the remaining 90% 50/50 with your IP.
I would send the money each month direct to your IP.
For example,normal weekly net pay is £400,you take home £480 after overtime,so the first £40 is yours to keep[10% of usual net pay]the remaining £40 is then split with your IP,so keep the £20 safe and send it,along with any other monies from other weeks,each month
Regards

[MelanieGiles]

As you are paid weekly John, it is perhaps easier to work out what your basic weekly wage is and then compare your actual earnings to that which was disclosed in the IVA proposal. Your IP can help you with this if necessary.

Then I would set up a simple spreadsheet to monitor your actual earnings to the budgeted ones, and set aside any additional earnings recieved in excess of hte 10% allowance. 50% of that sum belongs to the creditors.