Hi just a quick question, our IVA was accepted on the 21st April and payments start in June, what i dont understand is that when calculating our income and expenditure this was done on a calendar monthly basis even though we are both paid weekly but any overtime/ bonus has been calculated weekly, this doesnt seem right as we may make bonus one week but not the next so therfore loose out technically. Is it possible to ask for this to also be calculated calendar monthly also and pay it at the same time? thanks in advance, Catherine.
Not too sure there is a right or wrong way but would assume you would either use monthly for both or weekly for both.
Ask your IP for an explanation just to make sure it's not a mistake.
This is something you need to take up with your IP I think.
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Thanks for your quick responce i am going to speak to my IP tomorrow but thought someone on here might have the answer as im quite uptight about it. Thanx anyway any advice is greatly appreciated.
Hi Miss Prim - Have you any news on the calculation?
Hi, thanks for your replies, i have spoken to cccsva today who the IVA is through and they have basically said although the I/E is calculated calendar monthly, we are both paid weekly and so the O/T and bonus is also calculated weekly. Dont think this is fair really and was always lead to believe that we could keep the first 10% of our monthly extra not weekly. Where would i find out the exact wording ie proposal or paperwork after the IVA was accepted. Sorry to be a pain and clueless but only found this site and its valuable info about 2 weeks prior to IVA meeting. thanx Catherine
Thanks thats what we were under the impression of but not so after speaking with IP. We would defo benefit from C/M as some weeks there is no bonus and others there could be in excess of £100 so you may see where we are coming from with regards the benefits. Where will i find the exact wording, will it be in the proposal post IVA.
Hi, check your proposal and chairman's report. The CR trumps the proposal where the two differ as the differences are amends requested by the creditors. These things don't always work in our favour bt that's the nature of a compromise. I have a similar issue with my annual bonus being calculated against a monthly salary...essentially being penalised for having an annual rather than monthly bonus and it'll cost me about £1000 - £1500 per year!!
Hi, check your proposal and chairman's report. The CR trumps the proposal where the two differ as the differences are amends requested by the creditors. These things don't always work in our favour bt that's the nature of a compromise. I have a similar issue with my annual bonus being calculated against a monthly salary...essentially being penalised for having an annual rather than monthly bonus and it'll cost me about £1000 - £1500 per year!!
Hi Broke of London, checked them both abd the wording on the prop is as follows "Where at any time during the arrangement i receive o/t, bonus or commision payment from my employer which was not included in the original surplus income and if the sum exceeeds 10% of my normal take home pay then i shall disclose to the supervisor within 14 days and pay 50% of the amount over and above the 10% to the supervisor."
There is no mention in the chairmans report. thanks
Hi...that's the standard clause I think. Pretty much word for word the same as mine. My argument is that the lack of a timescale gives the IP flexibility in how they interpret normal take home pay (weekly, monthly, annually) but my IP said it refers to each payslip.
Hi...that's the standard clause I think. Pretty much word for word the same as mine. My argument is that the lack of a timescale gives the IP flexibility in how they interpret normal take home pay (weekly, monthly, annually) but my IP said it refers to each payslip.
Thats my arguement too as they have calculated our earnings C/M so we dont actually have have the same amount per 4 weekly as C/M which is how we have to budget so that payments are all on time. We are having a shortfall of approx £140 from our calculations to theirs, if you understand what i'm trying to explain. Think it should be a universal way of calculating this, was told right from offset that extra was 10% monthly income, ,may speak to IP monday not just a case worker but not very hopeful. We could lose the same amount as yourself over the year. Just makes me mad because we considered BR but wanted to pay some back and we wouldnt probably have an IPA as the surplus is made up from DLA as its not disregarded in IVA but is in BR, offset rules apparentley.
Definitely speak directly to your IP or if it makes it easier to explain put it in writing by email. It doesn't seem fair really to treat the income one way and additional another. Probably isn't a universal way of doing these things but yes I agree maybe there should be.
Definitely speak directly to your IP or if it makes it easier to explain put it in writing by email. It doesn't seem fair really to treat the income one way and additional another. Probably isn't a universal way of doing these things but yes I agree maybe there should be.
Thanks Kazzafunk, i am going to speak direct to my IP on Monday and voice my dissatisfaction with the way its calculated, but like i said previously im not hopeful.
