If your net income increases by more than 10% above what is listed in the proposal you are to split the rest 50/50 with creditors. A very fair and simple system.
denis you should be allowed to earn 10% above your current wage then anything above eg overtime you split 50/50.
eg current wage 1500.00
plus 10% (even overtime) 150.00
total 1650.00
anything earnings above the 1650.00 would then be split 50/50....so possibly not ALL overtime would need to be split....in this case the first 150.00 is yours to keep.
Last edited by Pennyless on Tue Oct 13, 2009 5:34 pm, edited 1 time in total.
I came into this world with nothing and still have most of it left!
Not every IP firm puts the 10% allowance through their standard proposals - so do check with whoever you choose to represent you as it could be in your interests to choose a firm who operates this way.
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
Seems strange that some Companies do negotiate the 10% on behalf of clients and some dont...another reason I find to thank my lucky stars that I chose my current IP.
As long as I am lucky in getting my IVA agreed, had I went with a Company where the 10% is not covered in the proposal, and later established that other Companies did negotiate this bonus, I would not be to impressed. I do normally do a couple of days overtime each month.
I came into this world with nothing and still have most of it left!
