I will inform the supervisors of any exceptional income (such as overtime, commision, bonuses etc) within 14 days and contribute 50% of that net income above the exceptional income level. I will forward the contribution within 14 days . Exceptional income is monies received which is 10% or more over my noraml take home pay.
Does this mean that i can keep up to the first 10% of my take home and have to send 50% of what is remaining net of tax and national insurance? I would like to find out as will be earning triple pay on boxing day.
Yes, anything over 10% of your normal pay, you keep 50% and pay across 50% to your IVA
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm just thankful I don't work any overtime, don't have to worry about it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Kool73, Lulu is right, the best way is to pay it as soon as you get it. We have to send our payslips in every quarter so they can check on if we owe anything. The one problem we have had has been down to back pay from a wage rise overlapping with a correction in wage. It's taking a lot of sorting out (4 months now).
I am also working over this christmas and EVERYTHING extra I earn will go straight to my IP. This way there will be no nasty surprises.
I got a cracking bonus this year, totally out of the blue, and also 2 months after my IVA was agreed. FOr the 1st 10 seconds, I was gutted that I would have to give back so much money, but then I put my sensible head on and realised that if I had received the bonus pre IVA it would have just been eaten up by interest payments and the downward spiral would just have been extended.
I contact my IP straight away, worked out a figure, and sent the money there and then. My creditors should be well pleased.
Great - the moral is always contact your IP on receipt of any bonus/overtime and agree what needs to be paid in there and then.
Merry Xmas to you all.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
i use a speadsheet to work out if i owe any extra when i get paid it works out how much extra i have earned and put 50% in a savings account, and when it comes to the 3 or 6 months review (it varies) i send in wage slips and a cheque for any thing i owe plus any interest that money has earned. I find its the best way for me as the first year in iva i found out i owed 50% of about £600 which i had to find from somewhere
I had a bonus during the short time I was in my IVA and when I phoned the IVA company to ask who to make the cheque payable to I was told not to pay it until they had seen my payslip and worked out how much I owed them! Even I could work out the 50%!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
