www.iva.co.uk

have just started my IVA with Baines & Ernst, it seems that they will take 50% of any overtime i do at work as well as my monthly payment to them. Is this the norm, as i have discussed this with others i know who are in the same financial situation and it differs with each company..some pay an average and others pay nothing more than their monthly agreed payment...who is right?

Hey Jo, I believe there is a clause in recent IVAs stating that you can keep 10% of any overtime and then the rest is to be split 50/50 between your IVA and yourself. Older IVAs may not have that clause, hope this helps, X

we have the overtime clause in our IVA.. we can keep first 10% then 50% after that needs to be paid over.. think this is the case in most cases

Ang, Viki & Jo, good morning, just reading about the overtime clause. What is the frequency that overtime has to be paid into the IVA, do you just send it weekly or do you have to save it and pay it in one cheque at the end of the year? Silly question, but I wasn't sure. If our IVA is accepted, my hubby does about 5 hrs o/t each week so this would apply to us. Have a nice day Kazzy x

The others are right.
You would get to keep the first 10% and then split the rest 50/50 between yourself and your IVA.
Its completely normal.

Hi guys, I am confused now. I am just about to enter into an IVA (hopefully!!!) As I understood it if I get extra wages then I am allowed to keep the first 10% per cent of my base wage and then pay 50% into my IVA
example if I normally earn £10000 and then one month I earnt £1100 then I would keep it. If however I earnt £1200 one month then I would keep the £1100 and then the other £100 would be split on a 50/50 basis. Is this right or have i totally misunderstood?

Sorry too many noughts I meant £1000. I wish LOL!!

hi jo.m here...now called "money spider"..
errm the way i understand it now after the help on here is that if i earn £1,200 (take home), then i can earn £120.00 extra (take home) in overtime...if i earnt £220.00 instead of the £120.00 then they would only be intersted in the extra £100.00 and would want £50.00 (50%) of that.
I know this is in very simple terms..only way i can understand money and all things financial i am afraid.

Have i got it right at long last.

Moneyspider

You need to check the wording of your own IVA documents. If your IP is not following standard IVA protocol, and I gather that 80% of IPs still are not, then the provisions will be specific to your proposal. Also best to check this out with your IP direct.

have just got off of the phone to my IP and i dont have the 10% lee way on my overtime..boo hoo

Love the name !
Does the picture fit your image ?
[:)] admin

I wish we could do overtime!

Unfortunately neither of us can. I can't as we are public funded and there is no provision in companies budget and OH can't as they 'expect' him to work extra for no pay if the need arises....nice eh!

Good luck X

I don't have any overtime clause in my agreement and any overtime that I work is mine.
My I.P. has confirmed this on numerous occasions as I still can't believe my luck.

It does seem to be the norm to have some overtime clause unless as in my case, the creditors were having an 'off day'