www.iva.co.uk

Hi all,
not posted for a while as all been going ok, however we now have a question and thought to air it here in case it helps others in a similar situation.
So bear with me and I will endeavour to put across a bit of a long winded post.

My wife is going to loose her job at the end of Aug. due to government cuts (Sure start) however we saw this coming and my wife has been able to get another job sorted before this happens, now the new position should begin at the end of June and is in fact at a slightly higher salary, so far straight forward. I understand that any extra will fall into the 10% 50/50 clause we have untill next review.
Now the sting !!
over the past year we have managed to save a little from our allowances to take a few days break in Devon with some friends, this is due to take place in July, Just as the new employment starts so would be unpaid!.
But I hear you say, there will be the holiday pay to be recieved from the previous employment to cover this. BUT this will take the ending pay value (net) into the 10% 50/50 clause and we will have to use the little money we saved to cover this loss and thus not be able to take our break.
This is how I see this but has anyone had to deal with this situation as we are not getting any extra from the final salary + hol pay as it will cover the unpaid days at start of new job.
I hope I have explained this well enough and hope someone can shed some light on this before it happens.

Hi - does your proposal really allow 10/50/50 for salary increases? This is more usually reserved for overtime and bonuses with the net surplus of payrises being split 50/50. Re the holiday situation, the holiday pay from the old job will be offset against the loss of earnings in the new job surely. The creditors' share will never be more than the total pot to leave you worse off. x

Hi Broke,
now not sure about about pay increase it maybe 50/50, will need to check that but with regard to the hol pay, yes I realise that it will be off set but that last salary will actually be higher than normal and according to my proposal I have 14 days to pay across the excess (subject to 10% 50/50)

But there won't be a loss to cover. If your wife normally earns £1000 and this month gets £1200. The 10/50/50 rule would leave you with £1150. The creditors' share will be much less than the extra money earned.

Hi - I think I get where you're coming from. Only your IP will be able to confirm whether you can keep the holiday pay in compensation for loss of earnings in the new job.

Ahh yes I see now, thanks Broke!
we will in fact be just a little down. I have checked my proposal and the 10% 50/50 is for overtime, bouns or commission so would this include hol pay?
no mention of change in base salary other than reviewed annually.
As soon as we het confimation of the new job in writing and all figures confirmed I will give all details to my IP anyway, but was interested to hear how this could be dealt with.