Our IVA document states retain 10% net take home and the 50:50....inform IP within 14 days of receipt and pay over the 50% within a further period of time. It doesn't say send in copies of payslips etc for them to decide if your payments can be increased ! I have earnt extra in January which is the first time for along while and we emailed last night to inform them that after the calculation of 10%, 50%:50% it meant we would be sending an additional £177 in on the 1st february for our IVA. We have received a email back today saying that we need to supply my payslip with this on so that a review of our I&E can be completed .....our IVA doc states reviews will take place during the month of the anniversary of our IVA - September - and that payments will increase month after review completed after the annual review if salaries have increased and costs are static etc etc - nothing is mentioned that our payments will increase when we work overtime - if this is the case then I won't bother to work the overtime in future and I will take the time off work instead - it is unlikely the overtime will last past February anyway !
Any views?
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There is a solution for everyone .... Just need to stay positive !
It's a minefield Lulu! there should be something more consistent in place as it seems to me debtors level of IVA payments depend solely on the efficiency or lack of efficiency of whomever is looking after your IVA or indeed what company you are with[:(]
I asked a similar question to you & following the reply am none the wiser!
I don't work overtime, even if it is offered (which isn't very often) for this very reason.
I can work a couple of bank holidays during the year and either take a days extra payment and a day off in lieu, or two days off in lieu. I take the two days off now. Saves any hassle.
Sharing from experiences of dealing with debt
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You are allowed to keep up to 10% of your basic salary in any one month, and then any balance is divided equally between you and your creditos. Presumably all your IP needs to do is to check that the information you are giving him/her is correct.
Hi Melanie good to hear you on BBC five Live on Sat, i would be grateful if you answer my problem please. I am on IVA, i am Selfemployed, my expenditure(mortgage) has come down as soon as my Iva is approved and my income is down in the same ratio. is there any problem on having less income as long as i can maintain the IVA payment.
Last edited by BBB on Tue Jan 27, 2009 11:33 pm, edited 1 time in total.
So long as you can maintain the IVA payment, there is no problem - as you have explained that the reduction in expenditure is countered by a similar reduction in income.
I havn't posted on the forum for quite a while, we are coming up to six months in February and it has been quite a difficult time. Since the IVA was approved had problems with our car and then of course Christmas to pay for with no money saved!! anyway we got through that and have paid on time to the IVA.
Now to the point made by luluj, which really worries me now we have the same in our paperwork as regards to the 10% then split the 50/50. My husband has worked some overtime since the approval and this is what paid for the repairs & Christmas but I was under the impression that come review time any extra overtime worked would not be taken into account as it's not set in stone there will be overtime every month. Does the IP look at the figure earned on your P60 then? I'm really worried now because if the IVA payments will increase in September due to overtime worked then it will be a struggle as hubby will just not work overtime.[:(]
I am sure that your IP would have discussed this carefully with you prior to you signing your proposals, however just to clarify that you are allowed to earn up to 10% of your usual salary (ie the figure disclosed in your statement of affairs) before the 50% split is effective.
Perhaps if you read through the notes of your meeting with your IP this may help, and if necessary give them a call just to clarify that your understanding is correct.
