The 10% is the amount you are allowed to keep and is the amount equivalent to 10% of your usual baseline salary each month. After than the rest is split 50/50 with the IVA.
So, say you earn £1800 per month and get a bonus / overtime of £350 ........ 10% of the baseline salary is £180 ... you keep that and then split the rest (£170) 50/50 --- you pay the IP £85 and keep the other £85.
So, of the £350 extra income you pay over £85 and keep £265. You have to inform th IP each month, as and when you get extra income and pay it over within 14 days, unless otherwise agreed.
Contractual (permanent) pay rises are dealt with differently in that you get to keep the lot until the review following the rise (assuming you have the usual clauses) and then, after the review half of the increase is added to your regular IVA payment and you keep half. You do have to inform the IP when you get the pay rise, otherwise they will think it is overtime !
Who is onlineUsers browsing this forum: recovering and 27 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location