www.iva.co.uk

Hi
My husband gets paid weekly, do we pay his overtime over weekly or at the end of every month ?? What does everyone else do ?

In our proposal we can keep the first 10% then pay over 50% of whats left.

His Basic monthly income is 1250.00 per month
Am I right in saying the first £125.00 is ours to keep and we just pay over 50% of everything over £125.00 ???

Please help ?

Hi Caraf
I think the 10% is the ammount you earn in overtime.I am not sure but an expert wiull be along shortly so say you earn £500 overtime you will keep £50 then the £450 will be split 50/50.That is my interpretation of it.Like I said sopmebody with more knowledge will be along.
P

Hi Caraf

Your calculations look right to me but your IP will confirm, i.e. you would keep the first £125 of your overtime as that represents 10% of your normal take home pay. You will pay over 50% of the remainder.

Yes Caraf, This is spot on. I pay mine over quarterly, as advised by my IP x

Brilliant news, its worth doing then !

Defo, I do alot of overtime, so I have that little bit extra to put aside for holidays etc..

I pay over mine monthly at the same point as my payment goes out, hubby is paid weekly, myself monthly and a formula soon works out the 50% on a spreadsheet, I then print it and send it in with a cheque.

We have the 50% clause and on the months that hubby makes bonus I pay the 50% across to GT. I used to send a cheque across with a covering letter but now I just bank transfer the money to them with our names as reference. At least then I know it's paid and it is out of the account!!!

Is the formula to work out how much I pay over correct ?

Hi Caraf

Yes you are but please do confirm with your IP. It's certainly the way I pay my 10%/50% clause.

Your husband's salary before the 50% uplift will be applied is £1,375 per month - ie £1,250 plus £125 (10%).

Sorry to be so thick ! I am trying to do a spreadsheet for sending my husbands overtime in. Does anyone have one they can send me ?
How do I define a month, is it just the paydays during that month, cause my husband is paid a week in arrears or is it weeks worked. I am really really confused now in how to work it out cause he is paid weekly
HELP

The easiest way is to work on a weekly basis. So take the monthly figure which was used for his wages in the IVA, multiply by 12 and divide by 52 - to get a weekly basis. Then set the actual wages against each basic figure to work out if there have been an increases.