overtime

[samrose]

if the chairmans report does not mention overtime do you still have to pay over half of it. Another question is overtime not classed as a windfall as windfallis mentioned in my report hope someone can clear this up for me thanks

p rose

[MelanieGiles]

So long as your proposal is also silent on this, then no - but your IP will review your earnings at the end of the year, and if overtime has been earned regularly expect a general uplift if you can afford one.

Overtime is not generally treated as a windfall, unless it is exceptional.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Goo d morning.

You would be expected to pay up to 50% of your over time but as Melanie says I dont think you need to worry until your yearly review when your IP review your earnings. Then you might be expected to increase your monthly payments.


Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

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[iva experts]

Hi Samrose,

Usually a windfall is classed as an amount of money that was not expected, for instance gaining inheritance or winning the lottery. In most cases 100% of windfalls is the usual amount that is required to be paid, where as with overtime if they asked for 100% knowone would be encouraged to do overtime which is why you get to keep 50%.

Best Regards. IVA Experts