hi all
Why is it that overtime cant be included into monthly income. I ask this as I am required to work at least 1 hour per day and every other Saturday
It's not wise to include overtime in your IVA payment. What happens if the overtime dries up?
At least if you have the 10% plus 50/50 rule you get to keep some of it rather than having to hand it over as part of your payment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
If the overtime were to dry up then we would be out of work. I work for a shipping company and we sail on a saturday evening so we must be in on a Saturday
You will find that a lot of IP's don't include it, just in case.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As Kallis says you'll find it is for that reason that most companies won't include overtime as if it is lost then it would make your IVA payments unrealistic.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If it is regularly earned, then there is no harm in including it as part of your regular salary. If the overtime is then lost, your IP ought to have discretion to reduce your payments by up to 15% so this should cover one lost hour.
