www.iva.co.uk

As someone who - without fail - pays over 50% of my hard-earned Overtime / Bonus every month I was a bit gob-smacked to read a thread recently where a lucky IVAer has NO Overtime clause. I am also on a strict Pay Rise regime whereby I pay over most of that too.

Should not all the fundamentals like this be the same for everyone?

I entered my IVA on the understanding that I would pay over all my income over and above my agreed expenditure. And that is what I am doing - no complaints!!!

Was this area not covered when IVAs were first introduced? It just seems a bit unfair!!!

Can I ask who your IVA is with

Hi OPTIMIST12
I also have a no overtime clause in my IVA as at the time there was no overtime at work. However since then the company has won some major contracts and overtime has had to be done. I have spoken to my IP and expect to have to pay more into my IVA at the annual review.
However if we can prove that the overtime is being offset against rises in I&E then maybe there wont be an increase?? Any thoughts

Hello goulda -

Sorry to seem secretive - but I have decided not to say who I am with on the forum - as I prefer not to be seen as "promoting" my company.

I am not knocking anyone or any company - just seems a bit unfair that something like this varies so much.

Hi adam c -

I am not an expert or professional - just someone in an IVA. I would suggest that you should expect to pay 50% of your net Overtime money into your IVA. BUT please check your own proposal as this obviously varies from case to case.

I pay 50% of ANY additional payments over by cheque every month (basically any Overtime / Bonus) in order to avoid any backdated demands for payment. If you are hanging onto the money until your Annual Review then PLEASE put half of it safely away so that you can pay it in if required. I am sure that if your expenditure has increased to such an extent that this eats into both your increase in basic income AND overtime then your IP will review this accordingly.

Good Luck!!!!

In the first year of my IVA I didnt work any overtime as I thought I would have to pay it all to our creditors and I had spent the last three years doing 60 hours a week to keep our payments up to date.(which is why we went into the IVA) My husband stopped work in the second year and I needed to earn the difference to keep up the payments into our IVA. Now if we want the IVA to succeed I am reliant on the overtime.

The reasons behind the differing policies derive from creditors not deciding which one they want to see followed. Trust me - IPs are just as fed up of conflicting modifications as well!