what is the 50percent that is mentioned

[nemo1]

kallis your modification sounds just like ours. i wonder if its to do with the credit crunch

[kallis3]

Possibly. I just think they are after getting back as much as they can (understandable).

My chances of overtime are normally only if I am called out, and that has happened twice in five years, so unlikley to happen too often.

[laura_w93]

ok,thanks everyone! ill check with the company that we are dealing with.Theres so much to think of! nightmare!

[angela18]

we have the clause and we send our 50% monthly to our IP.. so won't be tempted to use it in desperation!!!

[angelrainbow]

We have the 50% clause, but as our pay always has overtime and on call in it, our monthly income was worked out as an average based on the figure on the P60, so I can't see us having to hand any back under this rule as it is kind of already covered, if that makes sense?

[ianmillington]

There are 2 ways this is addressed, basically creditor requirements. Currently we typically get:

Generally if overtime features as part of your remuneration package and the proposal includes it ( "routine overtime") then current thinking is that you will be required to pay in 50% of the increase in your net disposable income ie after any increases in cost of living. This is now embodied in the new protocol.

Any overtime, or commission or bonus that was not provided for in the proposal in principle, rather than amount, the rule will be:

If it's less than 10% of the take-home pay shown in the proposal: no disclosure necessary
If it's more than 10%, you disclose it but deduct the first 10% and then pay over 50% of the remainder into the IVA. This is a TIX provision and covers what could better be described as "one-off" payments but, beware, if your proposal was prepared on the basis of basic pay only then this provision will act as a "catch-all".

Ian

[jojo]

Hi, I was reading through all our paperwork the other day as I never knew if we had this included in our proposal or not. It says '60% of any overtime, commission, bonus or additional payments received above income' is payable. Is this unusual as everyone else seems to just have to pay 50%?

[Adam Davies]

Hi
Nothing regarding IVAs is the "norm",you have been a little unlucky
Regards

[jojo]

Hi Andy, thanks! I was just a little curious,as most seem to have the 50/50 clause! Never mind!!