www.iva.co.uk

I thought we had the 10% rule on our joining IVA's.We've been paying into them since Dec 07.However, I have been trying to claim back an over payment I made.To my horror I have been advised that I have not got the 10% thing, just the 50%.One set of modifications was cancelled out by the other.Fortunately, I had over paid so no great stress re finding amounts.Just wanted people new in IVA's to be cystal clear what thier mods are.CS apologised.I spoke to a very experienced and knowledgeable bloke and agreed how to manage things in the future.I'm going to send monthly wage slips in as well as any additional payments so big bills at the end of the year.He was also very reassuring about the annual review system and the fact that people in IVA's need treats such as hoildays etc and and that life should be a normal as possible.I won't be able to afford a holiday (worst bit for me) but maybe next year.Cat

Interesting. Mine says as follows:

'The Debtor shall report any overtime, bonus, commission or similar to the Supervisor if not included in the original surplus calculation and where the sum exceeds 10% of the Debtor's normal take home pay. Disclosure to the Supervisor will be made within 14 days of receipt and 50% of the amount (over and above the 10%) shall then be paid to the Supervisor within 14 days of the disclosure.

Is this something similar to yours?

my husbands says something similar to that but as he is paid weekly CS suggested that we pay that on a monthly/quarterly basis as weekly was impracticable. When I send the wageslips to CS I also send a letter explaining how much before the 10% and after and 50% of the overtime and also which payslips it relates to just to be clear.

We don't want any big surprises at our annual review especially as it is in November - just before christmas!

I get paid monthly, and I cannot see any occasion when any overtime I work will be more than 10% of my take home pay. The most I tend to work is the odd bank holiday for which I get an extra days pay which is no where near.

my OH is the same. 10% clause then 50/50 split. his income weekly and i was savvy enough to ask IP the question that if he worked one week with overtime and the other 3 in the month without, was the 10% kept based on weekly net or monthly net coz its a big difference. we have to send payslips every 3 months and its calculated from there. much better off that way.

ha ha. just got my 4th star for 100 posts. yippee...(why am i a journeyMAN and not a journeyWOMAN)

I don't think I have to send off payslips at all. I presume they just check my P60, although how they will know if I have earned any overtime from that I don't know. My pay does fluctuate from month to month as well, depends on whether I work weekends or am on call or not.

mine says all of that 10% thing, but then later on some more modifications cancel the 10% thing out and purely refer to the 50% of everything over and above the declared IVA amount.Hence, the later one cancels out the other one apparently.That 10%makes a significant differnce though.Cat

Just looked at mine again and it doesn't mention anything else about overtime. It just mentions that my annual payrise is subject to them taking 50% of any surplus.