My hubby started a job last month - first one since being made redundant earlier this year.
We have kept everything to the bare minimum wherever possible to keep going and not fail the Iva's, in order to keep ticking over till he got a new job.
Now he is working but it's only part time, but they have been giving him overtime- which his contract states he is not allowed to refuse. Personally, we have no issue with this as more money coming in the better, but because it's so irregular, how will Creditfix calculate his 'basic' monthly wage? He has just had his first pay pack today and it's double what his contracted salary would be. However it's a temp job and next months is around 400 less.
Is it a case of his basic part time wage, then the 10/50/50 rule or not, as his salary including overtime is still £600+ less than what he was on originally ?
Really miss talking to 1 person from PJG about all this !
Any guidance would be gratefully received. #128513;#128513;
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Im my experience, my iva was based on me earning a set amount of overtime and they never expected any extra payments unless i earned more than was required to afford my i/e agreement.
The standard 50/50 rule would be unfair in your current situation.
I would be looking to get a set amount of overtime agreed which is yours to keep before the 50/50 rule comes into play.
This was with payplan rather than creditfix and i understand what is acceptable with one ip will not be with the next.
You will need to have a certain amount of income to meet your living expenses and pay your IVA so personally I would be looking at exempting that amount at least before looking at the 10% 50/50.
My hubby worked with irregular overtime and still does. I was with Melanie and we were given a figure for arguments sake we'll say £1,000 per month and anything over that we paid in the IVA using the 10% to retain and spit 50/50 the remainder so some months we had a bit extra which was always nice. Ask them for the figure and send in your uplifts keeping a record of everything. Worked ok for us.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Just wondered if you are able to email Creditfix with any query . I know that I was able to do this with Payplan . Its not always easy to find time or the privacy needed to make a phone call in the working week .
Hi folks, I have irregular overtime as well. I have the 10% 50/50 and a spreadsheet from the distant PJG. So each month I pump in my net total and it calculates what if any I need to pay extra into my IVA. So I don't get any nasty surprises come review time. And the 10% is always nice to have.
Loved Money, Hate Credit, Road to Recovery.... IVA started 3/3/14 -- IVA F&F accepted 18/5/17