overtime in an iva

[sue h]

me and hubby have just paid two months into an iva.he keeps getting overtime but cannot say he will get it all the while.we have a review after a year and if he has a lot of overtime will they put the monthly figure up?even if it is not every month but a few months.we are trying to pay back as much as possible.i have been putting 50% away in a different account so when they ask for it it will be there

[hallway]

I too have been wondering about this as i have overtime nearly every month. i phoned my iva company and they said if i could prove the overtime wasnt in contract and not guaranted my payments would not go up so i have sent a letter from my employer stating this so hoping that will do.

[aguise]

Hi there both
Overtime is not usually calculated into your payments as it is not guarenteed, but depending on what your proposal says usually 50% is payable the other 50% is yours. They will check this at review.As our overtime is regular, though it could stop at any time, I save the problem of a big bill at review by ringing and telling the company each month my overtime and paying the money immediately. You can of course save it and wait for review. I think rises in expenditure can be offset against the overtime. Check your proposals and see what it says and ask your company.
Hope this helps.

Ang

[MelanieGiles]

Your IP should only use your basic salary for review purposes at the end of each year, as overtime cannot be guaranteed.

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

[sue h]

thanks for your help