Overtime payments - could anybody please advise when the 10% then 50/50 overtime rule was introduced?
I started my IVA in 2008 and have been told that I do not qualify for this. Any overtime I earn has to be split 50/50 with the IVA. I do not get to keep 10%. Thanks.
I also started my IVA in 2008 - April to be precise and I have the 10% plus 50/50 in my proposal and chairmans report. I have no idea when it started though and I think that people who have taken out IVA's since then just have a straight 50/50. It's all down to your individual proposal/report.
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
Thanks. My problem is that the overtime rule was not mentioned in my proposal or chairmans report. I have now been told that I must repay my overtime over the past year but at 50/50 and not 10% 50/50. When I queried this, I was advised that I had an 'old type' IVA (from 2008) and the 10% rule was only introduced recently.
My IVA is a 2008 protocol compliant IVA which was brought in from February 2008. I have just checked my chairmans report and it is 10% plus 50/50.
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
Irrespective of when the IVA was started and under whichever protocol, they are still individual and can be drafted differently in every case. Mine, which was accepted last year, is protocol compliant but has still been drafted so that I do not get the 10% (straight 50 / 50, like yours Poppy).
I queries this at the time and was told it was drafted that way as they felt it was likely to be changed to that by the creditors. However, of all the acceptances I have seen over the last 12 months, this has never been challenged by creditors!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your 100% right there Foggy about every IVA proposal being individual.I think when we are starting down the IVA route you just want to get something agreed to take the pressure off you.
Its not until maybe later on that you sometimes think why did i agree to that clause. Although your IP is there to advise you what your creditors would possibly except if you felt strongly about having the 10%/ 50/50 split for overtime put foward then i cannot see why individuals cannot have put that foward.
I had to agree to make four extra payments in lieu of a private number plate which i felt my IP way overvalued and i did argue the case about the value and they met me in the middle, but then again other people have not even had their number plates included as assets in their proposal.Later on when things have calmed down you feel maybe you should have argued your case a bit more BUT like i said when you are really under pressure to get things agreed i dont think you feel you are in the position to argue!!
Ive got the 10% 50/50 split i guess its a good idea to read as much about what other people have had agreed on here then try and get a proposal sorted with what feel your happy with.If you really dont feel happy about what your IP is proposing then i guess you dont go with them.
Baldy
My number plate was excluded and the only mod I had was the equity clause.
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
All very true Baldy. To be fair, I didn't mind about not getting 10% as, being a public servant I do not get bonus payments or overtime (nor pay rises!). However, I didn't know there was some freelance work around the corner on which I have been making these extra payments. That 10% would have saved me 2 grand over the year !!!
That all said, I have still managed to save some myself and made the first years journey a little easier and I don't begrudge the extra money to the creditors. They get a better dividend and I get some to save, so we are all happy !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
i started my IVA in dec 2009 and I am on a 50/50 split on overtime and I'm with the same company as kallis3 i had my number plate included in mine but only had a 2 month extension as a mod
It's not really a matter of the timing of this provision, rather what your actual IVA proposal states, but this clause began to be introduced by creditors from August 2007 onwards - and in my firm we adopted this into our IVA proposals prior to the protocol as everyone knew that this was going to be included and it did leave our clients with a little extra money which we know from experience is very helpful.
