www.iva.co.uk

hi again,

we are allowed to earn 2600 monthly (including the 10% extra)

this month we earnt 2700 so we are 100 quid over - will we have to give this all to IVA company?

Also, how do they do it - do i call and they increase my monthly payment for one month? Unsure what to do...

Frenchie

Frenchie,

Our proposal tells us to contact the IP if our wage goes more than 10% over. In our proposal we have to repay 50% of the additional income. We have to notify the IP within 14 days then they tell us how much they need. I then ring them to make a one off debit card payment.

Check your proposal but I believe most of the recent IVA's are 50/50.

Thanks - I think it is 50/50 actually

would it be 50% of the total overtime or 50% after the 10% allowance if you see what I mean...

Thanks,

Frenchie

I understand - it's 50% of the wages over the 10% -

Normal pay £1200 pcm

10% = £120

So you can earn £1320 pcm without it affecting the IVA.

You earn £1500 this month

You would have to pay over £180 / 2 = £90

(Thanks to foggy - I have amended this so as to not confuse anyone who reads this!!

I would stress again though - you need to check your proposal to make sure it's the same and you must notify your IP within 14 days. I send a copy of the payslip with a letter telling them what I believe I owe!

Do you mean half of the 180 i.e. 90 quid?

Thanks again xxx

On the figures used by Kazza, assuming you get the 10% disregard ( some don't):

Normal Pay £1200 pcm
10% = £120

In a month where you earn £1500:

£300 overtime Less disregard of £120 = £180
So split 50/50 ... keep £90, pay £90 into IVA.

I have set my firm up as one of my bills on internet banking and just pay in the extra as soon as I get it, then email them to tell them why a bit extra is being paid across.

Oh yeah - good point buttons - sorry, foggy!!!

I have taken my medication. I could try and say it was a deliberate mistake but nooooooooo, just getting very sleeeeeeeeeepppppppppppppppppy!!

Sorry frenchie if I confused you there.

Foggy I do the same as you. Whenever I earn extra from overtime (10% disregarded then its a 50/50 split) I pay it at the end of each month via online banking to my IVA Company who I have set up on my bills.

As I also scan my payslip each month and email it to my IP, I make note of the "overpayment" on the email and let them know the payment date.

I have a clause in my IVA regarding "overpayments" and they are to be made within 14 days of receipt so doing the above keeps everything right for me.

always pay over the extra as soon as you receive ..that way no nasty surprises at review time !

i do the same foggy, set up the company with my personal account number with them as a bill payment via internet banking, then every month i email them a copy of my wage slip with a little note explaining if i have or havn't paid across any extra into the iva, obviously dependent upon my salary that month.