annual review, can anyone please advise me

[john c]

I have an IVA which started in May 2010 and part of the agreement was to pay 50% of any overtime i earn, i have earned loads of overtime recently and foolishly i havent put any money aside to pay my creditors.I have been asked by Payplan (Debt managment company) to send the last 12 payslips as a quartaly review and i am worried they will want the money.
I am employed as a contracter and employed on a weekly basis so there is always the worry of me being finished at any time so any extra money i save is for the worst case senario of unemployment, also i travel 50 miles round trip to work and my car is important but i have been told by a garage that the engine is on the way out and to replace it would be aprox £1500- £2000,so if i give the money to my creditors and the engine goes i wont be able to get to work to earn any salary to pay them the original agreement.
The IVA agreement says it is anually reviewed, money earned and expenditer etc,can anyone please advise me, many thanks John.

[Shining]

Hi John, I would advise you to speak to your IP and explain the situation, maybe you can arrange to repay what you owe Payplan maybe by adding a payment on the end of your IVA or over a few months by paying a little extra each month until arrears are caught up?

I would also mention your concern about your employment and the fact the car may require a new engine, they may be able to help.

It is advisable to always put the money away and pay it over as soon as possible, I send a spreadsheet in every 3 months to my IP and any extra monies to avoid me spending it.

[john c]

Thanks for replying so quickly Lesley, i will speak to my IP tomorrow, many thanks for your advice. John.

[Shining]

I hope it goes well for you John, we all make errors and I do realise the importance of paying over your 50% to the IP on time but on this one occasion and it being your first review I'm hoping all will be fine. Let us know how you get on won't you? x

[Skippy]

Good luck John.

As Lesley says we all make mistakes, but the important thing is to learn from them and put things right, which you are doing.

[john c]

Thanks Skippy/Lesley,
I will get back to you both when i get the feedback from Payplan.
P.S. its not the real Skippy is it?

[karen]

Hi,
We are with Payplan and we aslo earn overtime,we send our payslips on a monthly basis and then pay the overtime in every month. I know if I kept it to one side I would spend it.
Karen