Overtime clause

[Phil]

So what happens If you dont have any mention of anything to do with overtime or 50% in your proposal or chairmans report.

P

[ianmillington]

Ah, back to this one!

I think it's at the discretion of the Supervisor i.e by agreement whereas another school of thought is that it's 100%.

I'm not planning on running a test case any time soon!

ian

[MelanieGiles]

You don't have to pay anything extra over on an ongoing basis, but your IP will review your circumstnaces at the end of each year and seek an increase in payments if they feel you can afford it.

[Adam Davies]

Hi
Wouldn't life be easier for everyone if overtime,bonus and payrises were treated the same in all IVAs ?
Also the authority for IPs to reduce payments by upto 15% and the discretion to increase the term of the IVA by upto 6 months to compensate for this and any missed payments,without the need for a variation meeting.
The more creditors 'trust' IPs to deliver and the more that creditors standardise IVAS the better for all.
Regards

[MelanieGiles]

Andy

The standard IVA protocol allows the IP discretion to reduce contributions by up to 15% with no extension. I forsee an awful lot of IPs exercising this option in the early days of IVAs. I am still seeing creditors seeking increased contributions even when CCCS guidelined expenditure is being used.

Looking forward to having a good "beef" about this and other matters next week!

[debbiw]

Hi Ian, Melanie, and Andy
Am i suppost to pay over my overtime monthly then, or at my annual review. I am allowed to earn 10% of my annual earnings, before paying 50% over

[MelanieGiles]

The proposal will probably say that you pay it over at the annual review stage, but in reality I monitor this every three months with my own clients, and some clients like to pay it over monthly as soon as it is received.

Yes - up to 10% is yours to keep regardless.

[63k]

How much overtime are we allowed? My husband is doing stupid amounts one month and then hardly any the next... I hate to think his working is going to be a problem within our IVA and that our payments would go up and then we wouldnt be able to meet the agreement.

[MelanieGiles]

It is not a case of how much you are allowed but how much you actually work! If overtime is worked, then you keep the first 10% and pay over 50% of the difference.

[goulda]

I have touched on this before - I have no overtime clause in my agreement at the moment I working overtime most Saturdays does this mean at my review in July that my IP will increase payments(after allowing for increased expenditure, which I suggest applies to all of us)assuming I will work regular overtime from July for the next year. I have contacted Debtmatters told them I have had a pay rise and working overtime and they said it will be "sorted" at my Annual review. I am worried they will increase my payment, my overtime will stop and I will not be able to meet the monthly payment. Antbody else in a similar boat

[Adam Davies]

Hi
If they increase your payments because of overtime and that overtime stops then your IP will simply reduce your payments back down to the original level
Regards

[goulda]

Thanks Andy I have everey confidence in you. Refering to an earlier post I wish all of us in IVA's had the same repayment criteria at least we would all know where we stand and it would be easier for anyone applying for an IVA