a new shift pattern is coming into effect at my place of work and it would be a big increase in pay of approx £320-00 per month after tax, i may not get the chance to go onto these shifts as it is in another section of the business but my question is would i grt to keep any of the increase or would it all go to my creditors
Check your proposal but usually extra income like this falls into the 10% 50/50 bracket so you get to keep the first 10% extra on top of your normal net monthly income and then split the rest 50/50 with your creditors and you!
it might depend if this new shift pattern and the money earned is classed as 'over time' there for under the bonus section of the iva or an increase of income as its a change in shift pattern meaning its a regular things and part of your normal working week and it all could be classed as 'disposible income' and be totally swallowed up by the IVA.
You need to check your initial paperwork and if need be have a chat with your IP really
Arty
IVA completion and certificate received 08/10/2012!!!
You would need to speak to your IP about this - my shift allowance is counted in as normal income for my IVA.
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This wouldn't be overtime so the 10% and 50/50 doesn't apply so discuss this with your ip before volunteering! A new income and expenditure will be needed but remember some of your expenses may go up as well!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi Bobble - check with your IP and your proposal as the 10/50/50 rule is not limited to overtime only. And to clarify - the 10% is 10% of your declared net monthly income amount, not 10% of the addditional money earned.
Fingers corssed you can keep the lion share which will help top up the budget.
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As my shift allowance is pretty regular (hasn't changed since starting my IVA) it has been calculated as normal income and is all gone into the IVA pot.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
I got to keep all of mine for 4 years as it was never guaranteed or a fixed amount. But on my last I&E they demanded 50% of it plus 50% of my overtime even though I didn't have the 10/50/50 in my arrangement.
Get it in writting off your IP if he lets you keep it.
