Posted: Fri Sep 26, 2008 5:50 am
What exactly is classed as regular overtime ?
Our IVA budget is quite tight already but I admit it is sufficient for day to day living. It does not include for things like pocket money or after school clubs and we already fund these out of the 'contingency allowance'.
Under the terms we are allowed to earn £90.00 per month extra for overtime. Which we dont do normally as it is not normally available.
In May our boiler broke down (the pump) and so my wife earned £89.00 overtime to cover it - cost £129.
My car was due MOT in September and needed 4 new tyres and an exhanust so again in June and July my wife earned £89.00 each month overtime to help cover it - cost £283.00.
The MOT itself was £429.00 against an allowance of £360.00 per year.
All in all I am still really out of pocket £211 (Paid out £841 - £360 allowance - £270 overtime).
Despite being honest and notifying the IP I have received an email earlier today pointing out that this £89.00 could seen to constitute 'regular overtime' and should really be included in our income figures.
Having rung the firm up and explained, they are not asking for the money just pointing out to me the potential pitfalls.
This overtime came up because a member of staff was on long term sick but has now returned to work and is no longer likely or available.
I am already funding the rise in gas, electric and public transport costs out of our other allowances and I cannot ask for a payment reduction since the terms of the IVA provide that it will 'fail' if the dividend falls below the amount it was originally set at and our creditors are not likely to accept a variation.
Although I have increased the payment on salary rise, at review, if I were to ask for a reduction to reflect the cost of these increases this would both negate our salary rise and actually reduce the original dividend I started off with.
I am not in a position where bankruptcy or a DMP is a realistic option.
My question - what is the point of being allowed to earn any overtime or are we just seeing the 'credit crunch' have an impact on the IVA.
Our IVA budget is quite tight already but I admit it is sufficient for day to day living. It does not include for things like pocket money or after school clubs and we already fund these out of the 'contingency allowance'.
Under the terms we are allowed to earn £90.00 per month extra for overtime. Which we dont do normally as it is not normally available.
In May our boiler broke down (the pump) and so my wife earned £89.00 overtime to cover it - cost £129.
My car was due MOT in September and needed 4 new tyres and an exhanust so again in June and July my wife earned £89.00 each month overtime to help cover it - cost £283.00.
The MOT itself was £429.00 against an allowance of £360.00 per year.
All in all I am still really out of pocket £211 (Paid out £841 - £360 allowance - £270 overtime).
Despite being honest and notifying the IP I have received an email earlier today pointing out that this £89.00 could seen to constitute 'regular overtime' and should really be included in our income figures.
Having rung the firm up and explained, they are not asking for the money just pointing out to me the potential pitfalls.
This overtime came up because a member of staff was on long term sick but has now returned to work and is no longer likely or available.
I am already funding the rise in gas, electric and public transport costs out of our other allowances and I cannot ask for a payment reduction since the terms of the IVA provide that it will 'fail' if the dividend falls below the amount it was originally set at and our creditors are not likely to accept a variation.
Although I have increased the payment on salary rise, at review, if I were to ask for a reduction to reflect the cost of these increases this would both negate our salary rise and actually reduce the original dividend I started off with.
I am not in a position where bankruptcy or a DMP is a realistic option.
My question - what is the point of being allowed to earn any overtime or are we just seeing the 'credit crunch' have an impact on the IVA.