My IVA states I have to pay 50% (after 10% threshold) of my overtime in to the IVA, what it does not state however, is this 50% of my annual overtime or my monthly overtime.
The reason I ask is that my IP said I can pay it all over each year, but recommended that I pay it monthly so as to not have a large amount to pay at year end.
If for example I earnt £500 (after 10% threshold) overtime one month then I would pay £250 back, but if I only earnt £500 over a year then this would fall below my 10% allowance and I could keep it all.
You usually have to pay it based on monthly payments and it is normally paid over within 14 days of receipt.
I would query this again with the IP.
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 think you need to check what it says on your proposal because my understanding was that it should be paid over monthly within 14 days of receiving it. However it may be that your IVA is different to mine so do check x
Hi. All the calculations are based on monthly figures. And, as said above are normally payable within 14 days. However some IP's , even with the 14 day clause in the proposal, accept an amalgamated lump at the end of each year.
Personally I get it paid over as soon as it hits my bank, then it is done and dusted .. I don't look at my account and accidentally overspend ( thinking there is more there than is actually mine)and I haven't got a lump sum sitting there taunting me when the car blows up !!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy - I agree that I'd pay it across immediately - you're not tempted to spend it then.
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
Many people get into problems by holding onto the IVA share of any overtime and dipping into it. Send it to your IP as and when you earn it.
Regards
Can't remember the last time I worked overtime!! I certainly would never do it for the love of the job as I don't love 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
The problem we have is that it's written into our contracts to do extra hours as necessary in order to fulfil our role. So in the run up to Christmas when I'm on the phone to my advertising and PR agencies at 3am, it's because I love my job and contractually bound not to whinge about it! Its a good job and I'm still young enough to appreciate being paid in experience (even though experience doesn't pay the bills)!
Thankfully I don't have anything like that. I do my allotted hours and I do no more. Can't wait to retire!
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
