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
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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
Visit my blog here : http://foggy.blogs.iva.co.uk/

nadia499

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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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