Overtime

[john c]

Hello, I started my IVA in May 2010 and have been asked by my case officer to send in the payslips for a quartaly review, i have earned quite a lot of overtime over this period and am worried they will ask for 50% of the money,I am a contract worker and employed on a week to week basis and could be finished anytime, in fact there are rumors flying round it may well happen this year or early next year.

I travel 50 miles to and from work every day and need a reliable car, however a garage has told me it may need a new engine which will cost aprox £1500 - £2000, the extra money i have earned are for any extra finance i require for problems such as this and also for the probility of unemployment, can anyone please advise thanks John.[:I]

[Shining]

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=31735

Welcome to the forum by the way too x

[plasticdaft]

How did your IP manage to get creditors to go for an IVA when you admit yourself you can be employed one week and not the next?

Your overtime will probably be subject to the usual 10% allowed then a 50/50 split(half you keep half to the IVA pot). If there is any extraordinary expenditure(car engines etc),these need dealt with as they arise.

Paul

[john c]

Hello Paul.

I have worked as a contractor at the same company for the last 13 years so the creditors must have looked at this as though its a permanent job and pretty safe, but my future at the company doesnt look good because of the current financial problems in the world.
There are permanent people employed at the site i work at and but i will be one of the first to go if the crisis continues and job cuts arise, so i am working from week to week, thats why i want to keep any extra money i earn through overtime so i can pay my mortgage and bills for as long as i can.
Cheers John.