I am just in the process of starting out with Melanie Giles's firm. I had the completely wrong impression of what happens with the OT. It looks as though we will see more of the benefit than we first thought. Our OT at the moment is going towards a new boiler. Ours was fitted in the 70s and has recently given up. We thought it would be nearly winter before we could replace it. This will give my husband more inclination to do the extra hours. As well as paying off more to creditors.
I just hope it all goes through OK. House is being valued tomorrow, but in current climate I'll be suprised if we are NOT in negative equity.
I'm sure Melanie will pick up on this post later and confirm the arrangement regarding overtime. From what I have read in other posts you should be able to keep 10% of the net usual monthly income and 50/50 of the remainder. You have made a good choice of IP and all the best with your proposal.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
Guys, I think you have got your figures wrong or maybe its me who'se up the creek. In the example given of £200 overtime, which is more than 10% of net salary, she would keep the first 10% = £20 and the remainder would be split 50/50 i.e. £90 to the IVA. Thus she would keep a total of £110.
Sorry if it's me who is wrong as I'd hate to be giving misleading information. I'm sure Michael can clarify.
dont worry johnh it is what the forum is about debating all relevant parts to an IVA. I am sure one of the experts will clarify for sure but I am sure the same subject cropped up in a post about 6 weeks ago.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
If your usual basic monthly salary is say $1,000 and you receive a bonus or overtime of say $400 then what you keep is 10% of the $1,000 which is $100 and 50% of $300 ($400 - $100) which is $150.
Hence you keep $450.
Sorry for the $ sign as keyboard has no pound sign.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
If your usual basic monthly salary is say $1,000 and you receive a bonus or overtime of say $400 then what you keep is 10% of the $1,000 which is $100 and 50% of $300 ($400 - $100) which is $150.
Hence you keep $250.
Sorry for the $ sign as keyboard has no pound sign.
Last edited by David Mond on Wed May 20, 2009 7:00 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I am starting to get there. Sorry to seem so dim, but my husband is a lorry driver and he does do OT. I need to make sure I understand so we know what to put to one side if our IVA is successful.
I've got the 10% bit now.
Is the 50/50 calculated from the reaminder of the OT after 10% of basic salary is taken into consideration and not from whole total of OT.
I wish I'd paid more attention on my percentages at school!!
From the balance of O/T after the 10% calculation has been deducted therefrom yes.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
