My IVA has finished. However I have had quite a lot of overtime in the last year.

[Markd8715]

My iva has finished and I have made every monthly payment. However I have had quite a lot of overtime in the last year to help pay for new cars which both conked out all work needed to be done on them 21st birthdays etc. will this be taken into consideration .

[MelanieGiles]

Hi Mark and welcome to the forum

It is possible - however your IP will want to understand why you have spent money which may rightly belong to your creditors from the uplifted sums you have received, without seeking permission. I doubt you will get much sympathy on the birthday costs however.

What provisions are there in your IVA for paying over additional sums earned? Do you have the usual 10%/50/50 ruling?

[tinks81]

Why would it matter? If your IVA is finished then surely any overtime is yours. Or have I mis-read this thread?

[MelanieGiles]

Not if the overtime was earned in the period before the last payment was due.

[tinks81]

Obviously I've mis understood original post then. I read it as IVA finished, totally, not just final payment made.

[luluj]

Think we need to know when the IVA finished and whether completion certificate has been received ?

If cc not yet received.then you may find you are still.under the terms of your IVA and therefore your proposal document should outline the rules in overtime .. Normally 10%, 50:50 rule.

[tinks81]

Now I'm confused! Are you saying luluj, that any overtime paid to us AFTER final payment should be paid over if CC not received? Surely this can't be right? We could all be held to ransome indefinitley! [;)]

[Tina Shortland]

Hi Tinks81 - no it would be any overtime that was earned prior to final payment being due. Any overtime earned after the final payment was due but before certificate issued would not come into it but as with any clarification it is always best to check your own proposal and clarify with your IP as IVAs can vary.

[tinks81]

Thanks Tina [:)]