weekly? Monthly?

[baldy]

Hi all.

Just had year 4 review and there has been a slight drop around £20 per month in income but IVA company have decided to change the formula on how we can now earn a month!!!!

Our income can be all over the place, and we have paid over a lot of extra money into our IVA.

We both get paid weekly.

We were aloud to earn X amount a week and then we would just multiply the weekly amounts by the number of weeks in the month. IE:

Limit inc 10% £500pw x 4 weeks £2000,
£500 x 5 weeks £2500.
Anything earned over those figures then that would then be split 50/50.

NOW they have changed it!
They are saying we can calculate it:

Weekly.

Four weekly.

Monthly.

Whats the best way?

They cannot advise us what is the best formula!!! But they are willing to work it out anyway we want!!!!

For the last four years have just been adding up the four weeks in the month or the five weeks in the month and we have always been able to work out any overpayents due to the penny.

Sorry long winded but I would like things to stay nice and simple and not keep changing every time somebody else does the review!!

Baldy.

[Goosed]

Hi baldy,

I`m paid weekly too and as we know four months of the year contain five `paid` weeks.

I had a bit of an issue after the first five week month into my IVA when my case manager tried to class the fifth weeks pay as overtime and wanted to impose an uplift on my basic pay.

He couldn`t get his head around the fact that it was my basic wage that had been part of my yearly I&E earnings calculation.

It was sorted pretty quickly once Melanie was involved and the calculation I suggested that has been used to date up to now for the 10/50/50 uplift threshold is:

weekly wage x 52, divided x 12 = actual net monthly pay, x 10% = threshold,

So using your £500 per week example:

£500 x 52 = £26000, divided by 12 = £2166.60 (actual net monthly pay) x 10% = £216.60

So the 10% threshold would be £216.60

[baldy]

Hi Goosed.

Many thanks for your prompt reply.

Gonna sit down over the weekend and have a look at how the figures will work out.

I just sometimes wish they would stick to how things have been going and not suddenly change things because somebody reads it in another way!!!

Thanks again

Baldy

[sosilly]

I am in an interlocking IVA with my husband who gets paid weekly, our IP has agreed to calculate his earnings yearly so at our annual review. The calculation is his weekly salary x 52 = annual salary + 10% over is ours to keep and anything made over that 50% is required to be paid into the arrangement at annual review time. This is because it may even itself out over the year. To help us with this I have put together a spreadsheet where I enter my husbands weekly salary amount (inc any overtime earned) so it keeps a tally of his salary to date so we can keep a check if it goes over the 10% threshold then we know we are going to have to pay 50% over and above that amount to pay into arrangement. We just have to make sure if any overtime is worked in a month that would be over the 10% threshold to be saved so when it comes to annual review time we have it to hand over.

[kazzafunk]

I think if I had been weekly paid in my IVA I would have preferred an overage monthly figure to be honest. Most of our outgoings are monthly so it would make things easier. Luckily this is your last year so in the grand scheme of things won't do your head in for long but I have to agree that if in the original proposal the income is quoted as weekly then it should stay that way unless you agree to the change.