overtime

[colin5150]

I'm just coming to my second year in an IVA and my yearly review is due. I've earned overtime over the last year and those funds have been spent over the last yearon various bills (car repair,household etc.)
In my IVA contract there is no mention whatsoever about overtime being something i have to pay into the IVA - the only mention is windfalls and i believe overtime isn't classed as a windfall - is this true, will i have to pay anything due to earning overtime?

[David Mond]

You will need to discuss with your Supervisor, however if spent on the items you have mentioned you should have no problems - send him/her the receipts when the review comes along.

[colin5150]

Thanks for the quick reply - i do have receipts for the majority of the repairs but as i am new to this financial situation, is the insolvency solicitor who handle my IVA 'friend or foe'?, as the first year review went fine no overtime or windfall whatsoever so i haven't had any real dealings with my IP before and won't really know how to tread when contacted.

[kallis3]

Your IP is there to make sure that your IVA runs smoothly, and should help you if you have any problems.

Just tell them the truth, as long as you can justify the expense, I am sure there won't be any problems.

The worst that can happen is that you have to make up the extra either on your monthly payments or at the end of your IVA.

[David Mond]

He is certainly not a foe! He will help you (most will) and ensure a solution to any problem whilst on your journey. Good luck.

[colin5150]

Thank you both very much, i just have a tendencey to go into panic stations at the drop of a hat! It's great when people are there to give advice online.

Thanks

Colin