hi,im om my 1st year annual review, I did a lot of overtime but I did not inform my IP,they now need my 3 months bank statement and it will all show my overtime payments. I was just looking at the forum and I didnt realise that i need to give 50% of my extra income.What will happen now? Will my IP let me pay the 50%? How about if i cannot pay the 50%? please help,thank you
Hi and welcome to the forum. Check your proposal as do you have to give 50% of your overtime? The answer will lie within your proposal and if still unsure check with your IP. To be fair this should have been discussed when in the initial stages of setting up the IVA.
Some proposals are a straight 50/50 split and some you retain the first 10% then split the remainder 50/50.
Did they not ask you to submit payslips in each month?
All may not be lost the best thing to do is talk to your IP and find a way to work forward. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
They will probably allow you to pay it over a period of time. You should be able to keep the first ten percent above your basic take home pay and then split the remainder 50/50
It is a very important part of the process for an IP to ensure that their clients are fully aware of all of the contractual terms of their IVAs - and the uplift provision on salaries is perhaps one of the most important.
thanks for your replies,i think it was explained to me before but maybe due to stress and everything,i forgot all about it. I was reading my contract and i am allowed to keep the first 10% then split the remainder 50%..well,its my fault[:(][:(]...they did ask for my payslip every after 3 months but my overtime was in another payslip..
