www.iva.co.uk

Had a phone call from my IP today explaining they were sending all my paperwork back to my debt consultants as I was earning to much money for an IVA and a DMP would mean i could pay all balances back in the same time span as the IVA,, under and IVA i would be paying back almost 10k more than i should, however my payslips submitted include loads of overtime that is simply not available anymore, i was working 6 and 7 days a week with overtime equating to @ £500 per 4 weekly pay packet,, It appears that the IP has included the overtime as guarnteed but i was only working it to make ends meet, What do i do now, I understand that under the IVA i would pay back more money than i actually earn, so the IP has my best intrests in hand, however without doing 80 hours a week which is what i was doing i cant make ends meet, I am now somewhat comfused as to what and where to go next....

Sorry about the essay, a little puzzled at the minute ??.

If your overtime is NOT guaranteed I am suprised that your IP has included it in your income calculations. Usually this would be kept seperate from your guaranteed income and then you would contribute 50% of all future monies earned through overtime during the IVA. I think you should contact your debt consultant and make sure that everyone is aware that this overtime is not guaranteed and it is not sustainable for you to continue working such long hours for the duration of your IVA.

Best Regards
Oliver

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

You should take an average overtime in calculating the extra income-take the LOW side as it can dry up?? Why would you want so much OT in an IVA that would require 50% to be given out.

It is a bit like paying loads on childcare and working long hr...less to line your pockets with at the end of the day....

DMP will mean you will pay some interest throughout the DMP duration. Lenders will freeze interest for a while and they might then ask you show them your payslips and OT pay....if they see extra ££ and will take that....you'll be negotiating for interest freeze the duration of your DMP. The worse Banks doing this are Halifax,M & S, TSB and maybe MBNA

Even if you pay 100% in an IVA it is a worthwhile route...PEACE of MIND!

My hubby earns a large amount of overtime but this was not included in initial calculations as it could be stopped at any time. we pay the 50% over each month. I am quite happy to do this as we get the benefit of the other half, before the iva the lot went to keeping our heads above water. The 50% gives us the extra for the emergencys we have, and since starting the iva in nine months we have spent £400 keeping the car going and as in my blog another £550 on the poor dog and my daughter getting stuck in ibiza, so I have to say i think it is worth doing, for us anyway.

Ang

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

Hi Puffa
What is your realistic average disposible income each month going forward ? and what is your total unsecured debts ?
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

Many thanks to all who responded,,

Andy,,

Our Realistic disposable income is @ £312 worked out by my debt consultant team based on basic pay without the overtime element, total unsecured debt is £41,100, IP is saying my disposable income is £880 and appear to be including overtime that was on payslips that were submitted...

Andy do the figures above help you at all ?

Just wondering as the posting was a long way down listing !!

Steve

Hi
On those basic figures you could return about 30p in the £1 dividend and any overtime you would split with the creditors 50/50.This would raise your dividend during the course of the IVA.
It,s ridiculous to include overtime unless it is guaranteed
I would get a second opinion from another company
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