It depends on your own proposal. In our case we could keep anything up to 10% of our normal pay. Anything over that was split 50/50. I emailed payslip showing what amount I thought should be paid over, they confirmed, I transferred the money that month. Others do it at review I think.
You will make normal monthly payments by direct debit os standing order (different IP's have different preferences). I paid by standing order, which meant I controlled the amount and could add in the extra payments Relieved describes.
Although some IP's deal with extra payments annually or bi-annually, this depends upon the nature of your employment. In most cases extra monies have to be paid over within 14 days of receipt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Just wondering, If my IP deal with extra payments annually and I do occasional overtime, it means that I can do overtime and go over on my monthly income in one month, then another few months I keep my normal income (I can keep anything up to 10% of normal pay) and then just calculate my all income (from IVA passed date) and take average. Is that correct?
I have been told by my IP, that my Debt group deal with extra payments annually. Just wondering, because I receive extra and huge 'Christmas bonus' (not only me I reckon) in December, which makes me go over my monthly income and this extra 10%. In this situation, I would need split anything over this 10%, 50/50 with my IP?
I can only speak from experience and in our case, it was just that month that was looked at. Anything over 10% of your monthly pay is split 50/50. At least you keep some!
Thanks relieved33 and congratulations for finished IVA. I thought IVA helps people make money to use for live, no just take off from them, because of bonuses from work (PPI, windfall etc...)
Last edited by Arek on Fri Sep 12, 2014 6:16 pm, edited 1 time in total.
Hi Arek. The purpose of an IVA is to help you pay back as much as you can reasonably afford. Creditors realise that you need to see some of the rewards for hard work and overtime, which is why they allow you to keep half of payments made in this respect. I know from my experience that, before the IVA, ALL of any extra money I got went to pay debts !!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
