www.iva.co.uk

I am having my first yearly review of my IVA,i have been doing overtime in the last year to cover the large rise in electric\gas which is higher in northern ireland,petrol etc and trying to save a little to change my car which i need for work.I asked payplan support can i keep doing overtime which is not guaranteed and is volantary.They said i will have to send payslips in which she said they should of been checking over the year but was not.I have kept all payments up to date and if needed could make a small extra payment each month.But if they want a large extra payment each month surely its not worth my time doing overtime.

You will probably have the 10% plus 50/50 overtime clause in your IVA. If your overtime is not more than 10% of your monthly income, then you can keep all of it. Otherwise, 50% of the excess should be paid across, and this should be normally paid across within 14 days.

Payplan will inform you if you need to pay any extra across.

I believe that once your IVA has been set up and an agreed amount of money is paid to your IP each month for him/her to divide amongst your creditors.

There is a claus that states should you earn more money then your IP will need to be informed, that is how I understand it to be after reading through my paperwork that was sent to me whilst waiting for my creditor meeting on tuesday next.

Your IP will let you know what portion of the extra income is required if any, hope this is of some help to you, someone will be along to advise you from a professional point of view shortly I am certain..

It is normally that you can keep 10% of your normal take home pay, the you can keep 50% of the rest and the remainder goes across to your IVA.

Usually you have to pay this across within 14 days of informing your IP (at least I would have to if I worked overtime.)

This is usually what happens with a protocol compliant IVA (which is what the majority of them are these days).

im with payplan and i didnt get the 10% bit just 50/50.
but if you do work overtime its still worthwhile as i get to keep 1/2 of it

You were lucky then - I'm with Payplan and mine is 10% plus 50/50.

My IVA states the same as Jan's and I have come to the conclusion that 50% of something is better than 100% of nothing. Plus you get to pay a little bit more to the creditors.

Exactly!

I don't get the opportunity to work overtime, but I would be happy to pay a proportion across if I did.

The overtime provision should have been clearly explained to you at the start of the IVA so that you could monitor your payslips and pay over the creditors share of any additional earnings as and when they were received.

Your IP ought to consider allowing you additional allowances to cover your increased expenditure, but these will firstly need to be met from your share of the overtime and not that to which creditors are entitled. Have a read of your proposal to see if you can identify how it was intended to treat your overtime and any other additional earnings you may be entitled to.

i recently had a unexpected expense of £150 for a new electric hob-i contacted payplan and they have told me that they will take this into consideration during my 3 monthly salary review-hope this helps

I think it's worth working overtime for your own pride - we had our IVA approved on Monday and the first question I asked was about paying over the overtime money. We feel obligated to pay back what we can - we'd love to pay it all early but that's not going to happen without a windfall. We borrowed the money and I think, within reason, we need to try our best to pay it back - and our son's treats can only come out of overtime money or the bit of contingency we have.

During the short time I was in my IVA I was offered the chance to do some overtime or take the time as holiday. I took it as holiday as it was of more benefit to me.

Since xmas we have paid nearly £1000 extra across to our creditors due to overtime that I have done - we are over £1000 better off too - the 50% handover is more than fair and for us the overtime has meant the difference of a few weekends a way or none ! It is worth doing the extra work if it is available !

luluj i agree with you I haven't started my iva yet(fingers crossed)
but I to have the oppurtunity to do overtime and am quiet happy to hand 50% over into iva and with the 50% left for us it will give me a head start on things like Christmas etc and I will feel alot better in myself paying more of my debt back[^]

Overtime is a great way to get the little extra that you would otherwise miss out on,or to cover the extra at xmas and for birthdays.

Every penny counts when you are in an IVA/dmp/PTD.

Paul