Overtime at work- in an IVA

[saz]

Just a couple of questions, On the last day of each month we are required to work late to get all the work done as I work in a law firm and the solicitors have targets to meet, this could be anything from finishing on time to 6 hours, its very rarely over 2 hours (financial year end it was 6 hours) anyway it is double time so i normally get between £20.00 and £80.00 (tax is a b*****) I'm just wondering do i have to give this to my creditors as i usually put this bit of money aside for emergencies.

Also each december we get a loyalty bonus that starts at £100.00 for one year and goes up each year you are there stopping at £700.00 then you get £700.00 every year, I will be on my 4th year in december so i'll be getting £400.00 (this bonus is dependant on sickness) will they want this money as well as this usually covers me over xmas as we get paid early and it's a 6 weeks month and i can get the kids a bit of something for xmas.



On the road to recovery IVA accepted
60months to go

[tracy.h]

Hi saz
I would check your paper work i know some people pay 50% of overtime and i don't know if your bonus is classed as a windfall im sure it will tell you this in your contractual agreement.

[Qikichi]

Hi Saz

I have to pay 50% of my bonus into my IVA and I believe overtime is the same.

Chiri

[saz]

I have mentioned this to the company I used but they didnt put it down as it wasnt regular, to be honest I wouldnt do overtime if i didnt have to.

On the road to recovery IVA accepted
60months to go

[MelanieGiles]

As other posters have mentioned, you must abide by the terms of your arrangement - so if it says that you have to pay over 50% of overtime and bonuses then this is what you should do.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[hallway]

when i sent off my wage slips for my iva 2 off the wage slips were higher than usual because 1 was a 5 week month and 1 was for xmas period when i had to work,i was told they would have to take an average of the 3 which i understand, so some months i earn more than the amount they said if i do overtime, others i earn less if i dont. what when i send my wage slips off every 6 months will they average all 6 months out together so i only have to pay 50% of what is overamount given in proposal or will they just take anything i earn every month over that figure even though some months i earn less. sorry this sounds so complicated but it was the only way i could try and explain it.

[Adam Davies]

Hi
If your IP asks for extra payments due to overtime then challenge this if you have had some months where you have earned less than you have stated on your original proposal.Remember it will not be your actual IP checking these figures but a member of their staff and mistakes can and do happen.
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[aguise]

I agree they expect all of the overtime then you should be able to offset it if you earn less some months. I dont get allowances when on holiday and that takes me £50 below my allowed income and at review I will point all of those weeks out to them.

Ang

[saz]

I get the same each month as i am on salary wage not by the hour, so theres never a short month, but on the last day of the month it's in my contract that i HAVE to work, this is then added to my usual wage, but it's not the same amount of hours each month, some months i dont have to work late, I think i should ring them up and ask!!

Thanks everyone

On the road to recovery IVA accepted
60months to go

[Oliver]

Saz it is likely that you will have to pay 50% of both your overtime and bonus towards your IVA as is usually stated in most agreements.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[saz]

I have just rang up to enquire about the overtime i get and they said that i dont have to pay any of it as it's not regular but when it comes to my review they will take it into account and put payments up if they see it's everymonth, This worries me slighly because if they put my payments up purely because I received a few hours overtime then what happens if i finish on time and dont get any ovrtime?

On the road to recovery IVA accepted
60months to go

[Oliver]

It seems as though your IVA does not include the usual 50% stipulation. If at the review you can show that any overtime is not regular / every month your IP should then not be able to justify a monthly increase. If however, they are suggesting that any increase will be made to offset 50% of the money you have earned this year through overtime then surely it would be better for you to pay this upfront as and when it happens.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Adam Davies]

Hi
Thats a good point by Oliver,it would pay you to put 50% of your overtime to one side and wait fo your annual review,just in case they expect you to pay this money over.
What an ambiguous answer from your IP ??

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[saz]

I dont think they meant i have to pay all the money back, just that the payments next year will go up!! all seems silly as it will only be about a tenner a month if anything!

On the road to recovery IVA accepted
60months to go

[Oliver]

It doesn't seem clear from what you are saying as to how they are going to base this calculation. OK so a tenner a month is not much but how are they calculating this?!!!

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp