www.iva.co.uk

Hi

My wage changes every month-as I’m in hospitality so a lot of overtime. I have to report every month what my wage is so they can decided if they need to take more.

This was my first month and so much has been going on that I forgot to let them know I made £149 more than usual, however due to other things that happened this month (I.e phone repair) I used that.

As I did t report will this mean my IVA is ended? Even though I made the agreed payment

Thank you for your help

Hi,

You need to speak to your IP as asap as you are usually allowed to keep at least 50% of your overtime depending on what your paperwork says.

If any is due it will be treated as arrears -- you will need to agree to pay it back, either a tenner a month, or somesuch, or added on to the end.

The deal on my paperwork (and I believe this is standard) says that you have to hand over 50% of anything over 10%. The IP will calculate it for you. Last Xmas I worked some extra shifts all at hefty premiums and was pleasantly suprised at how little CFix wanted.
The ability to hang on to a good chunk of your extra earnings is another plus for an IVA over any other debt arrangement IMHO.

Depends on your paperwork -needs to be checked.

jonathah wrote:

The deal on my paperwork (and I believe this is standard) says that you have to hand over 50% of anything over 10%. The IP will calculate it for you. Last Xmas I worked some extra shifts all at hefty premiums and was pleasantly suprised at how little CFix wanted.
The ability to hang on to a good chunk of your extra earnings is another plus for an IVA over any other debt arrangement IMHO.

Not everyone gets the 10% disregard, so, as Kallis says, best to check your paperwork.