Earning overtime whilst in an IVA

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1
User avatar
darryl
Posts: 1
by darryl » Thu Sep 27, 2018 1:50 pm
Hi

My wage changes every month-as I’m in hospitality so a lot of overtime. I have to report every month what my wage is so they can decided if they need to take more.

This was my first month and so much has been going on that I forgot to let them know I made £149 more than usual, however due to other things that happened this month (I.e phone repair) I used that.

As I did t report will this mean my IVA is ended? Even though I made the agreed payment

Thank you for your help
User avatar
kallis3
Forum Expert
Posts: 73706
Contact
by kallis3 » Thu Sep 27, 2018 2:42 pm
Hi,

You need to speak to your IP as asap as you are usually allowed to keep at least 50% of your overtime depending on what your paperwork says.
User avatar
Foggy
Forum Expert
Posts: 27284
Contact
by Foggy » Thu Sep 27, 2018 2:54 pm
If any is due it will be treated as arrears -- you will need to agree to pay it back, either a tenner a month, or somesuch, or added on to the end.
User avatar
jonathah
Posts: 66
by jonathah » Sun Sep 30, 2018 8:56 pm
The deal on my paperwork (and I believe this is standard) says that you have to hand over 50% of anything over 10%. The IP will calculate it for you. Last Xmas I worked some extra shifts all at hefty premiums and was pleasantly suprised at how little CFix wanted.
The ability to hang on to a good chunk of your extra earnings is another plus for an IVA over any other debt arrangement IMHO.
User avatar
kallis3
Forum Expert
Posts: 73706
Contact
by kallis3 » Sun Sep 30, 2018 9:08 pm
Depends on your paperwork -needs to be checked.
User avatar
Foggy
Forum Expert
Posts: 27284
Contact
by Foggy » Mon Oct 01, 2018 6:52 am
jonathah wrote:
The deal on my paperwork (and I believe this is standard) says that you have to hand over 50% of anything over 10%. The IP will calculate it for you. Last Xmas I worked some extra shifts all at hefty premiums and was pleasantly suprised at how little CFix wanted.
The ability to hang on to a good chunk of your extra earnings is another plus for an IVA over any other debt arrangement IMHO.


Not everyone gets the 10% disregard, so, as Kallis says, best to check your paperwork.
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 30 guests