www.iva.co.uk

I have been in an IVA for a couple of months and this month I was paid some overtime.

I assumed that I would have to pay half of this into my IVA. However, after checking my original proposal and the modifications of the creditors meeting, I don't have to do this.

I've called my case officer who also said that I dont have to pay this.

I am really pleased.

I do have one question though....At the annual review when they look at payslips etc, will they take overtime into consideration, even though it wont be regular?

Hi ruby

That will depend upon how much you have earned - but I feel it is unlikely that you will be required to increase your payments unless your salary indicates otherwise. I have worked out that in my own clientbase, be actually increase payments at annual review in less than 5% of cases, simply because cost of living also increases usually at the same rates.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

If your overtime is seen as regular and sustainable you may have to increase your payments however even in this instance this increase can usually be offset by the increase in living costs.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi Melanie
If you increase a persons regular IVA payment at the review,because there has been regular overtime earned,can this be reversed without a variation meeting if the overtime suddenly stopped ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hello Ruby,

Increased payments will occur if you’re I.P believes that the overtime you have received over the past year is regular and likely to be sustained throughout the duration of the IVA.


Best Regards. IVA Experts

Yes Andy - the ability to reduce down to the original contribution figure is at the discretion of the IP.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thank You for all your replies.

You raised a very good question Andy!

Ruby

Hi
Yes I have moments when all my brain cells fire at the same time.
Not often though
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

HI THERE RUBY I AM DOING A IVA NOW FOR THE LAST 12 MONTHS AND OVERTIME IS CLASSED AS A BONUS AND THEY WILL WANT 50% OF THAT MONEY I HAVE BEEN DOING OVERTIME MYSELF AND MY IP SAYS 50% OF OVERTIME MUST GO TO THEM IF YOU SEND A CHEQUE OF TO THE CREDITORS IF YOU DO OVERTIME LIKE I DO IT LOOKS GOOD EVERY 6 MONTHS I HAVE TO SEND WAGE SLIPS IN TO MY IP YOU GET REVIEWED EVERY 6 MONTHS WITH WAGE SLIPS AND THEY EVERY 12 MONTHS YOUR IP GIVES YOU A STATEMENT AND MAY ASK YOU FOR THAT OVERTIME MONEY THEY MAY ASK TO DO IT BY DIRECT DEBIT YOUR IP WILL CAN ANDY DAVIE CLEAR THIS UP PLEASE

JOHN

If you receive overtime I would do the same as Aguise - phone your IP and get them to take it each month so you don't end up with a nasty shock at your review.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Thanks skippy and also Melanie confirmed to me that if you should overpay they have a duty to return it, this was my only worry that I would pay too much and then not get it back.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Hi John
Not all IVAs are the same in terms of how they treat overtime.You have a clause,like the vast majority of people,where you have to pay 50% of your overtime into your IVA.Some people do not have this clause and are allowed to keep al the overtime to themselves,like Ruby.
Anyone that has the 50% clause would be wise to do as Aguise does and pay the extra each month direct to the IP either by cheque or by asking the IP to collect it via direct debit.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

hi andy thanks for the repley doing my iva with freemanjones andy i phoned up natwest bank tonight and they told me that people who bank with them doings ivas there accounts will be ok and they will be not closing them down i bank with them

JOHN

to andy davie i do the same if any overtime comes in i write a check out a send it of to my ip

JOHN

John
I am with Fj and just get them to take an extra debit each month.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/