I want to be dilligent while I am in my IVA nearly one year now!!
I recently got after tax a net increase per month of £114.00. I contacted my IVA firm and asked the question in a letter what do I need to pay. It seems allot of confusion about this. They responded and said no monies are owed at this time ! Me being concerned and wanting to check asked again. I was told that no monies were requred.
In my report is says the following:
If the Debitor is employed, the debitor shall report any overtime,bonus , commission,or similarr to the supervisor if not included in the orginal surplus calculation where the sum exceeds 10 % of the normal take home pay. Disclosure to the supervisor will be made within 14 days of receipt and 50 % amount ( over and above the 10 % ) shall be paid to the supervisor within 14 days.
In a nut shell as £114.00 is less than 10 % of my net take home pay=£3000=£300.00 . I can keep this. Is that how you would advise?
Just checking as I dont want a bill at my first yearly check which is due soon.
I also and seperate issue will be getting a bonus net of over 2K at the end of July, so does the same apply?
It looks like your IP will deal with the payrise at the annual review stage as this is not overtime, bonus or commission. If your surplus income increases after allowing for cost of living your payments will be increased by 50% of that surplus at the time but not backdated.
I believe the 10% thing is irrelevant at it does not apply to payrises whereas the bonus will when you receive it later in the year. However, this is only my guess and ultimately your own IP should be able to clear up any confusion.
Last edited by Michael Peoples on Tue Jun 15, 2010 5:03 pm, edited 1 time in total.
Just been informed that it goes like this. As long as I dont go over £3295 net each month I dont need to worry-how this figure has come about please dont ask me !! but as long as I know then I can be safe. Asfar as my bonus is concerened I dont know yet after tax what that will be but I will noitfy my IP when that happens.
My IP deals with my payrise at the annual review - although I will probably ring them again this year just to check!![:)]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
Sounds as if they are using the 10% clause in that you can earn an extra 10% of your net monthly pay before having to pay any extra into it.
Was your net pay approx 3000 prior to the payrise ?
Regards
