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what if i work some overtime


K BROWN

you'll need too declare this. Usually 50% is expected to be added from any extra income back to your IVA. The same applies to bonuses. Contact your IVA administrator straight away.

If you are already i an IVA you need to check he terms regardng overtime, mine is 60% but i believe most are 50%

i have been in an IVA since October 2005 with Payplan and i started doing overtime this summer and have been doing it ever since. it comes to about £200 each month. i asked at the review how much they wanted of it and they said none of it! they only require overtime paid to them if i exceed £500 and there is no 50% creditor payment requirement in my IVA agreement either. quite pleased with this although dont know how i managed to avoid the 50% thing!

Hi Zarron
I do not have 50% requirement either but I have spoken to my IP and they have said that I may be required to pay a little extra next year depending if it is regular enough every month I will just have to see how the annual review works out.

Welcome to the Forum eis,

If you are in an IVA I would advise that you double check your terms and conditions. From the other forum members posting you can see that it can change as each case is individual.

Usually the creditors will ask that you that you contribute 50% to the IVA and you can keep 50%.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

Hi zarron
I hope your answer was correct,it seems a little unusual and the £500 threshhold normaly relates to windfalls or bonus not overtime.Have a look through your original chairmans report following the creditors meeting.
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 andydavie,
checked thru the report and can see nothing mentioning overtime payments or the £500 threshold although Payplan specified this figure.

have just completed my 2nd yr annual review and sent back payslips for the last three months. they all show my £200 a month overtime added to my basic salary declared on my I&E sheet so they are fully aware of my ongoing overtime situation.

so with their assurance that all overtime up to £500 per month is mine i have spend most of it on essential items such as sofas and furniture as well as saving some as i have no idea when the overtime will stop.

it is very useful as my basic salary just covers my bills and IVA and leaves me about £150 for food and anything else. its a tight budget leaving nothing for buying any additional purchases over about £20 so my overtime is invaluable

i assume that the IVA cannot be amended by the IP/creditors once underway to include an overtime payment clause?

thanks,
Zarron

Hi
No it can't be changed.You have a very good IVA agreement.
Good for you
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

I have to say that I too do not have the 50% uplift on bank/overtime. Some of my creditors tried to include it at the meeting but Melanie and her team managed to outvote them! I thought I would have to work at least 4 - 5 overtime shifts a month but now I only need do a couple now and again. Anyway, the chairmans report is in the post (and has been since last week!) I will read it carefully when I get it (perhaps tomorrow?)