Our proposal tells us to contact the IP if our wage goes more than 10% over. In our proposal we have to repay 50% of the additional income. We have to notify the IP within 14 days then they tell us how much they need. I then ring them to make a one off debit card payment.
Check your proposal but I believe most of the recent IVA's are 50/50.
I understand - it's 50% of the wages over the 10% -
Normal pay £1200 pcm
10% = £120
So you can earn £1320 pcm without it affecting the IVA.
You earn £1500 this month
You would have to pay over £180 / 2 = £90
(Thanks to foggy - I have amended this so as to not confuse anyone who reads this!!
I would stress again though - you need to check your proposal to make sure it's the same and you must notify your IP within 14 days. I send a copy of the payslip with a letter telling them what I believe I owe!
Last edited by kazzafunk on Sat Nov 19, 2011 9:40 pm, edited 1 time in total.
On the figures used by Kazza, assuming you get the 10% disregard ( some don't):
Normal Pay £1200 pcm
10% = £120
In a month where you earn £1500:
£300 overtime Less disregard of £120 = £180
So split 50/50 ... keep £90, pay £90 into IVA.
I have set my firm up as one of my bills on internet banking and just pay in the extra as soon as I get it, then email them to tell them why a bit extra is being paid across.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy I do the same as you. Whenever I earn extra from overtime (10% disregarded then its a 50/50 split) I pay it at the end of each month via online banking to my IVA Company who I have set up on my bills.
As I also scan my payslip each month and email it to my IP, I make note of the "overpayment" on the email and let them know the payment date.
I have a clause in my IVA regarding "overpayments" and they are to be made within 14 days of receipt so doing the above keeps everything right for me.
I came into this world with nothing and still have most of it left!
i do the same foggy, set up the company with my personal account number with them as a bill payment via internet banking, then every month i email them a copy of my wage slip with a little note explaining if i have or havn't paid across any extra into the iva, obviously dependent upon my salary that month.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
