Haven’t posted to this forum much at all, however am a frequent reader. It’s nice to see and hear the views of those in a similar situation to myself.
Would just like to give an update on my position. I’m over 2 years into my IVA now. Have completed my 2nd Annual Review with McCambridge Duffy and everything is in good shape.
Time has flown, and I’m in a much better headspace now than I was through 2016. I must admit, there are still days where I feel down, and gutted that I’m in this situation, however I then tell myself that within 3 years, everything will be back to normal, and I would have learnt some important life/personal skills along the way.
In 2016 I was getting desperate, and had kept my Financial difficulties to myself. If anyone is reading this, and feels as though they are in a similar situation, my advice would be to tell your nearest and dearest. Yes it was hard at the time, but those around you care, and it felt as though everything would be better then minute I spoke to someone.
Anyway - moving on to my question. I received an email today from my line manager, stating that they (subject to sign off) will be requesting that I’m paid additional duties for the rest of the financial year, as well as a backdated payment from April-November.
I have done some rough maths, and the backdated payment would roughly an additional £175 extra a month (after tax) which equates to £1,400. Would this be considered a windfall or the 10% 50/50 ruling?
10% of my net pay at the minute would work our to be an extra £152 a month, so could the 50% be taken on the difference?
Appreciate all/any feedback. I have also emailed McCambridge Duffy, so I’m sure they will email as soon as possible.
As mentioned, Nothing set in stone yet either, may be getting my hopes up for the Additional duties not to be signed off.
As this is a temporary increase I would think it would be treated under the 10% 50/50 rule --- but, of course, this will be up to your IP at the end of the day. If so you would be looking at paying over about £12 a month on the figures you quote.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Foggy wrote:As this is a temporary increase I would think it would be treated under the 10% 50/50 rule --- but, of course, this will be up to your IP at the end of the day. If so you would be looking at paying over about £12 a month on the figures you quote.
Thanks Foggy. I understand everything is down to my IP, and have emailed the firm as well.
Hopefully the agreement is signed off, may be getting my hopes up for nothing at the minute, but fingers crossed.