Overtime being added to my net pay?

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nadia499

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Post by nadia499 » Tue Oct 16, 2018 4:38 pm
Hi,
This is my second year paying into IVA. Currently I pay 190 a month and whatever over time I do I ring them up and pay 50% of it every month . I just got a phone call today by an IVA consultant that they are going to add my overtime to y normal monthly pay to calculate my net pay or something . He said it shouldn't affect me and everything should remain the same but then why is he doing it although I religiously pay any over time I earn . What is this about adding over time to my net pay . I am so confused why are they doing this .. can I please have some help and advise
Regards
Nadia 499

Foggy

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Post by Foggy » Tue Oct 16, 2018 4:51 pm
Do not agree to this .... this will mean that your IVA payment will increase, even in the months that you don't earn any overtime !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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MerlinL14

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Post by MerlinL14 » Tue Oct 16, 2018 5:17 pm
I agree with Foggy, do not consent to this amendment, all it means is that they will then calculate all your OT at 100% of income not the 50% originally agreed in your initial proposal.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

kallis3

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Post by kallis3 » Tue Oct 16, 2018 5:21 pm
I also agree - do not agree with anything.
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nadia499

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Post by nadia499 » Tue Oct 16, 2018 8:14 pm
Foggy wrote:
Do not agree to this .... this will mean that your IVA payment will increase, even in the months that you don't earn any overtime !
Hi ,
I haven't agreed to anything as yet but the advisor said he was doing my income and expenditure list which he said its his job to do that . He also said he will send me a list of my income and expenditure and if I am not happy with anything I should let him know. But he said I am doing the right thing by paying any overtime into the IVA and should carry on doing so.. but regarding the other issue I haven't actually made any sort of agreeemnt. Just wanted to ask a quick question if they increase my monthly payments what do I do in that case what questions should I ask .. :roll:

Foggy

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Post by Foggy » Tue Oct 16, 2018 8:30 pm
nadia499 wrote:
Foggy wrote:
Do not agree to this .... this will mean that your IVA payment will increase, even in the months that you don't earn any overtime !
Hi ,
I haven't agreed to anything as yet but the advisor said he was doing my income and expenditure list which he said its his job to do that . He also said he will send me a list of my income and expenditure and if I am not happy with anything I should let him know. But he said I am doing the right thing by paying any overtime into the IVA and should carry on doing so.. but regarding the other issue I haven't actually made any sort of agreeemnt. Just wanted to ask a quick question if they increase my monthly payments what do I do in that case what questions should I ask .. :roll:
Only agree to your income being recorded as your basic pay. I see that you have been paying 50% of overtime --- check your proposal --- does it say 50% or does it mention anything over 10% ? Most people get to keep an amount equal to 10% of basic income, THEN pay 50% of what is over.
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

nadia499

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Joined: Thu Sep 07, 2017 6:26 pm

Post by nadia499 » Tue Oct 16, 2018 8:43 pm
Foggy wrote:
nadia499 wrote:
Foggy wrote:
Do not agree to this .... this will mean that your IVA payment will increase, even in the months that you don't earn any overtime !
Hi ,
I haven't agreed to anything as yet but the advisor said he was doing my income and expenditure list which he said its his job to do that . He also said he will send me a list of my income and expenditure and if I am not happy with anything I should let him know. But he said I am doing the right thing by paying any overtime into the IVA and should carry on doing so.. but regarding the other issue I haven't actually made any sort of agreeemnt. Just wanted to ask a quick question if they increase my monthly payments what do I do in that case what questions should I ask .. :roll:
Only agree to your income being recorded as your basic pay. I see that you have been paying 50% of overtime --- check your proposal --- does it say 50% or does it mention anything over 10% ? Most people get to keep an amount equal to 10% of basic income, THEN pay 50% of what is over.
Hi
Yes if my over time plus my basic wage goes above 10% then I give them 50% of it which I have been doing every month .
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