My proposal is going through at the moment with quite a high divend back. I currently work 3 days a week, as I went part time when Dad became sick- and its a blessing work let me do that.
Now we are getting the care side of things sorted for him, I intend to an extra day,here and there and stay for an extra hour or two in the evening,
once I hand 50% over to the IP it should cover 100p in pound + fees.
My concern is that the portion that I keep for myself could be deemed as too high???
My overtime rate is very good and I could easily clear an extra £150 a month for myself doing these hours.....would they want this as well as they would think I can then treat myself to luxuries etc
I would only keep the majority as back up- as a contractor if I was sick or wanted a week off I wouldnt get paid at all
what is set in the report will be all that you pay so if it is 50% no matter how much you get that is all you pay after all they will be delighted with the share you are paying them dont worry
Normally you are allowed to keep the first 10%, and then 50% of anything over that. The remainder goes to your IVA.
That's an excellent dividend - not many people manage to pay it all back.
Sharing from experiences of dealing with debt
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In the next few weeks I will be working every weekend - sometimes Sunday's as well - before tax I will probably earn around £1000 - I have calculated after ignoring the first 10% of my take home pay, and then dividing the balance 50:50, I will be seeing an extra £450 ish - I will be paying approx £260 into my IVA - ok I could do with this £260 as well but having the £450 will make the difference of having a few weekends away or not this summer !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You would certainly not be frowned upon for paying back 100p/£, infact your creditors would be delighted.
At least this way, you are stopping interest being added on and if for any reason you were to have to cut your hours again, at least you are covered.
No interest is added on once you are in an IVA Mrs Skint.
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'm pretty sure that this is what Mrs Skint is saying. And just to be strictly correct - there are a lot of older IVAs still in existence where there is provision for statutory interest to be calculated in the event of a windfall payment.
Sorry Mrs Skint - it was the way I read your post
x
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.
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.
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.
