Hi everyone, im hoping you can share your expertise with me. Im getting closer to that proposal stage. Starting to get a little anxious however nothing compaired to waking up worrying bout money like a short while ago.
I am applying for a joint iva, i was just wondering if the 10% allowed for overtime from combined wage is allowed to be earned from one wage. for example i get opportunity for over time but my partner doesnt. Am i allowed to earn the full allowance from my job or does the 10% have to be split 10% mine 10% partner??
The 10/50/50 rule is based on wither your or your partners income, depending who receives extra. So if your take home pay is normally £1000, you need to notify your supervisor if you earn more than £1100 in any one month. They will then advise how much needs to be paid over.
Hopefully when your IVA is approved you will both receive letters telling you the amount you can receive before you have to notify them (we did anyway!).
My husband and I have IVA's, and we are allowed to keep the first 10% individually, so I can keep 10%, he can keep 10%, and we have an excel spreadsheet with a formula I calculate this on a monthly basis, from typing in our net wages.
We would then pay 50% of anything over the agreed 10% , to the IP asap, or when they specify.
To date, we have not been lucky enough to get anything above our salaries, but the above are the rules which are stipulated in our proposals.
Hope this helps !
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Both cases are viewed individually Bishop - and it is important to remember that although your IVAs may be interlocking, they are still "Individual" voluntary arrangements. I doubt the wording of any IVA proposal would suggest otherwise.
Great news - I did not recognise you from your forum name. Look forward to chat, and note down any questions you have so that we can make best use of the time.
