perhaps if overtime issues were standardised...

[s.b]

Thanks Lula and Keith, I've been through all the legal jargon bit again too and still nothing, apart from the 50% for overtime and bonuses, for pay increases it just says they must be informed and will decide if contributions can be increased, they did send me a letter asking for 60% of my bonus too until I pointed out the agreement was 50%!! I'm with Debt Free Direct, so if anyone else is using them I would be interested to hear!
As you say Lulu we're not wanting sympathy and nor do we need to be made to feel stupid for getting ourselves into this situation, at least all of us here have taken a deep breath and admitted we had a problem

[keh]

Susan,

Then I would only think that 50% is what you should pay for your pay rise

don't let them bully you and point out the rate of inflation to (though I don't know what it is)

Keith

The long and winding road will straighten out eventually....keep the faith

[s.b]

Thanks Keith, I'll let you know the outcome - although I wrote to them in January and only got a final reply this week so I won't hold my breath!

[keh]

Have faith please

after all they're only human like us

The long and winding road will straighten out eventually....keep the faith

[scaredkez]

susan i agree with keith on this one, if it isn't in you original proposal that you pay 100% of your payrise then i would point this out to them, i agree we all got ourselves into this mess, and are offering the best we can, as you said yourself you could have gone BR and they would have got a lot less in that,i agree we should pay as much as possible, you are offering that with a 50% increase but you should also have an incentive,
whilst i know a lot of people are lucky to have a good proportion of debt written off within an iva, you do have to live also, 5 years is a very long time, i wonder if in 2 years if your employer went back to the old pay scheme with you would they be as quick to accept the lower payments again or if you should change jobs, hang in there hope you get it sorted let us know
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[s.b]

Thank you Kerri, I'll let you know

[tracy.h]

Im in total agreement that a payrise should be treated the same as overtime,i meen who wants to have a pay rise and not at least feel the benefit of there hard work,as Andy says its incentive.
As much as you are in an iva and doing the honourable thing of paying your creditors back as much as you can afford i feel and its only my opinion you should also benefit as well as your creditors,if you didnt get the payrise then nobody would benefit.
I hope sb your ip will allow this to happen.
good luck let us know how you get on.

Tracy

[Dominic]

personally i owuld be happy to pay a bit more if it clears the IVA up in a shorter space of time.

[stella]

Hi, haven't posted for a while but have been reading every day!

Just a question. Just coming up to 6 monthly review and just wondered if anyone could clarify a clause in my IVA. "I shall pay no less than 50% of the net value of my monthly earned income I receive in the form of overtime, bonuses and any other increase in my net income in excess of the basic income that is noted in the proposal. I will not be required to pay the first £50 of any such calculation.....". As far as I read into it any my friends who have read it too, we all think that that this covers both overtime and payrises. Is this correct. I have nothing else in my proposal about payrises.

Thanks for anyones help.

Stella X

[MelanieGiles]

Hi Stella

Yes - both would be captured by this provision.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Dominic]

my agreement states 50% of any rise or overtime, 100% sounds unuusal and draconian.