10% rule

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Struzzo39

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Post by Struzzo39 » Fri Sep 24, 2010 11:32 am
Hi all,
Probably been asked many times before so sorry in advance, but........
Just sent our second batch of 3 monthly wage slips into payplan. We are being asked to pay £140 because I have done some overtime spread over the 3 months. We had worked it out we owed about £20. Rang Payplan and they are saying that we don't qualify to earn 10% before we split it 50-50. Just quickly checked the Chairmans report and cant find a mention of overtime. This has thrown us slightly, and we just presumed 10% was a general rule. Does this sound right to everyone, or do we have a case to go back to Payplan
Steven & Debbie
 
 

Michael Peoples

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Post by Michael Peoples » Fri Sep 24, 2010 11:50 am
You will need to see what is in the original proposal. It seems very strange that this was not made totally clear to you as you are not long into your IVA. Speak to the IP and ask for clarification in writing before this carries on.
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kallis3

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Post by kallis3 » Fri Sep 24, 2010 11:57 am
I'm with Payplan as well and mine does state 10% then 50/50.

I'd query it with them just to make sure.
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leaKybrain

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Post by leaKybrain » Fri Sep 24, 2010 12:28 pm
I have a question on this so I'm sorry to jump on the thread. But what is the 10% bit.

I understand that if we earn extra in the month we get 10% first then rest is 50/50 but what is the 10%...

Is it 10% of the overtime (so if earned £100 it £10) or is it 10% of declared income (so if earning £1000 its £100)

So if I earned £120 overtime on a £1000 wage am I paying over £54 based on 10% of overtime or £10 based on 10% of Dec Inc

Hope that makes sense. I assumed it was calculated on the overtime amount, but now something has been said somewhere else I am wondering if its calculated on declared income.
 
 

kallis3

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Post by kallis3 » Fri Sep 24, 2010 12:36 pm
It is the first 10% over and above your normal take home wage and then the rest is split 50/50.
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leaKybrain

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Post by leaKybrain » Fri Sep 24, 2010 1:00 pm
So its 10% of the overtime then. Why don't they just say pay us 45% of what you earned. It would be so much easier.
 
 

kallis3

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Post by kallis3 » Fri Sep 24, 2010 1:20 pm
If you earn £1000 a month you can earn up to £100 a month overtime without having to pay any over.

If you earn £200 a month extra, then you would keep the first £100 and pay £50 of the other £100 across.
Sharing from experiences of dealing with debt
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Struzzo39

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Post by Struzzo39 » Fri Sep 24, 2010 5:04 pm
can i ask what section this comes under within the report as we cant find anything in the report
Steven & Debbie
 
 

kallis3

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Post by kallis3 » Fri Sep 24, 2010 5:12 pm
Mine is on the first page and was actually a modification.
Sharing from experiences of dealing with debt
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MrsKnight

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Post by MrsKnight » Fri Sep 24, 2010 5:17 pm
So far in our IVA we have had to pay 50% of any overtime over.
I too cant find anything in our paper work regarding the 10% rule.

In the first year of our IVA - about half way through we were told we could earn x amount n then pay 50% over. I was delighted n asked for it to be confirmed in writing, nothing ever came in writing. When our first review came - they required the full 50% without the 10% rule, which I had already paid as I doubted the advice I had been given.

Give your IP/IVA company a call n ask them to check.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



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Pandy

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Post by Pandy » Fri Sep 24, 2010 5:28 pm
We have a section in ours, regarding overtime, bonus or comission where the sum exceeds 10% of normal monthly take home pay.

Just read it and it says I must provide my supervisors with pay slips every 6 months to facilitate a review to confirm overtime etc. Am I supposed to just send them in or will they ask for them (as 6 months is next month.) I am with BE
Last edited by Pandy on Fri Sep 24, 2010 5:28 pm, edited 1 time in total.
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MrsKnight

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Post by MrsKnight » Fri Sep 24, 2010 5:42 pm
Hi Pandy - your IVA sounds to be under the new scheme of the 10% rule - where mine was under the old 50/50.

They sometimes do send a reminder for your wage slips, but BE do state in the letters "they are not obliged to have to remind you". I would send them in every 6 months, recorded delivery & photocopy them before sending them off - just for your peace of mind.
You can phone BE n ask for some pre-payment envelopes (if you dont already have any) to be sent to you, then you only have to pay for sending them recorded.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



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Pandy

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Post by Pandy » Fri Sep 24, 2010 5:48 pm
Thanks MrsKnight,
I had better get them together then, our meeting was April 21 so will they want April- Sept or May - Oct (we are paid at the end of the month so it would have to wait until end of oct)
I believe I have some pre paid envelopes somewhere need to hunt them out. DO I send the photocopies or originals
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Struzzo39

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Post by Struzzo39 » Fri Sep 24, 2010 6:06 pm
We always send photocopies of them. Still no luck in finding this section. Will give them a ring once again on monday
Steven & Debbie
 
 

MrsKnight

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Post by MrsKnight » Fri Sep 24, 2010 6:06 pm
Hi Pandy - your welcome hun.
I was due to send mine in next week - but they sent me a reminder 2 weeks ago so I sent in what I had got, which was 5 months worth.
They say in the reminder letters that you have to "send evidence of your income every 6 months as a minimum even if you do not receive a reminder".
Send them the actual wage slips n you will get them back with a little sticker n bar code on them - which shows they they have been checked. Keep the photocopies until you receive your wage slips back. I have made a file for my IVA, which I keep all records of correspondence from them n anything I may put in writing to them.
Many of the forum members send there wage slips recorded n photocopy them for peace of mind.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

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