www.iva.co.uk

will i be able to work overtime or av an saveing once the iva is set up?????????????

You can do overtime but any irregular income besides what you have stated you would normally have to give up 50% to your iva.

Hello,


In the event of bonus payments, or regular overtime, depending on their value, typically you will be required to share the benefit on a fifty-fifty basis with your creditors.

It is standard that an IVA will require the IP to check the income of the individual on a regular basis.

If the monthly amount received from income increases significantly it is possible for the IP to request a higher monthly payment. Often this increase will be only 50% of the increase to the net monthly income.


Regards,


Julia



For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

Yes, you can earn all the lovely overtime and bonuses you desire, but the IP will want no less than 50%.

All I have left is my humour.

Difficult to argue that the "50% uplift" requirement is unfair, as creditors are allowing you to keep your 50%. Most of my clients tell me that they are going to give up working overtime, as they are not going to bust a gut and only get half of the reward. This is perfectly understandable.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

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