Overtime??

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antm

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Post by antm » Mon May 31, 2010 2:05 pm
Where to start, well basically since i started my iva, ive refused all work overtime just because i really didn't want it, and i wanted to keep my monthly salary the same every month to keep my IVA on track with no complications. Over the last 6 months i have done a fair bit and paid half into my IVA, but ive come to the point where im fed up of doing the additional hours, i always seem to get the awkward customers, and always after every sunday shift have a complaint lodged against me, i came so close yesterday 5 mins till the end of my shift and one customer aarrggghhh! thought i had survived, but nope, all over the fact we had ran out of carrier bags, bring your own, i do!

Anyway back on track, because ive been consistantly paying the additional, if i stop doing the OT what will my IP think?? will they expect me to pick up the time again, or will the accept that im just not doing the additional time anymore? the extra few quid was handy over the last few months, but ive come to the point where its just not worth the all the fuss!
 
 

PJHughes

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Post by PJHughes » Mon May 31, 2010 2:21 pm
Hi Antm,

Your creditors or IP have no right to insist you carry on working overtime.

Your IVA has been proposed (i assume) using your guarenteed monthly income. This is to ensure you are able to maintain your payments comfortably. Often, individuals will work lots of overtime immediate prior to proposing an IVA as they try to stay afloat with there finances. The point is that if payments are proposed with the overtime taken into consideration, it is likely that the individual will either not be able to obtain similar levels of overtime for the next five years, or that the individual just cannot physically carry on working such excessive hours.

Call your IP and inform them you will no longer be in receipt of regular overtime. If they ask why, simply state it is not in your best interest to continue to work the hours you are. They will more than likely request to see your next few payslips, but besides this I would be very surprised if you received any further correspondence regarding the matter.

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back on track

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Post by back on track » Mon May 31, 2010 3:50 pm
i wouldnt have thought you need to do anything about imforming your ip about lack of xtra overtime.
if you do any then you pay over what your supposed to and if you dont want to do any then thats fine.
why would you have to explain anything?
i too can do xtra when i want to but 5 days a week is often enough for me and im ready for a rest at weekends.
if they have had xtra good for them but its not compulsary
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MelanieGiles

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Post by MelanieGiles » Mon May 31, 2010 5:39 pm
I don't see why you need to even call your IP - your wageslips will indicate that there are no more earnings from this source, and the IP will have nothing to say about whether there are or not.

Unless your employer demands that you work overtime, it is entirely at your discretion whether to work or not - and if this is causing you the sort of stress you are reporting then clearly it is not worth it.
Regards, Melanie Giles, Insolvency Practitioner
 
 

MrsKnight

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Post by MrsKnight » Mon May 31, 2010 5:48 pm
Hi,

My hubby did alot of overtime in our 1st year of our IVA (something like 6 days instead of 5 for over 6 months). hubby is on a set salaried wage n he was never going to get the time back - so they paid him.
The second year of our IVA the recession kicked in, the company he worked for sent out a letter stating no overtime will be paid n time in lue would have to be taken.
This had no effect on our IVA & we paid his overtime in every month of our first year.
The second year none if any over time (double time for bank holidays if worked) was paid across as it was only a 3rd of the 1st year.
Its up to you if you want to work it, your IVA will of been set up on your basic standard wage.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



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antm

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Post by antm » Mon May 31, 2010 6:46 pm
I just wondered as i have topped up (is that the right phrase?) my iva by about £600, just didn't want it to be expected or the norm. I have had to send my wageslips for my annual review, had to wait till i got a flat month due to a payrise and a pay decrease over the last few months.

Just waiting my annual review, and work wise ive told them today that im not interested anymore, explained to them its not worth the hassle!
 
 

kallis3

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Post by kallis3 » Mon May 31, 2010 6:58 pm
I don't work overtime at all as it is never there. The only time would be if I got called out at the weekend, but that is rare and it wouldn't take me over the 10%.

I work bank holidays, but instead of getting payment for them, I've elected to take two days off instead.
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MrsKnight

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Post by MrsKnight » Mon May 31, 2010 7:13 pm
I think the term "topped up" is an appropriate one!
It wont be expected as standard - hubby paid in well over that in the 1st year. And this last year gone (just going through a review) paid in less than a 1/4 of overtime he received than the previous year - which was for working bank holidays, though its not in his contract for him to do so.
We have the 50/50 clause n no 10% - but to us the extra 50quid here n there - helps us & pay our debt.
He also gets a day off in lue regardless if he works it or not, but a day in lue & double time seems more appealing!
Last edited by MrsKnight on Mon May 31, 2010 7:15 pm, edited 1 time in total.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

Lyns x
 
 

Julie

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Post by Julie » Mon May 31, 2010 7:19 pm
You are not bound to do "overtime" to service your IVA...you have to weigh up is the payment worth the hassle? Hubby turns down a premium for Sundays as the stress and grief outweighs the payment.

Quality of life is far more important and as long as you are meeting your agreed repayments, then no need to stress yourself out.
 
 

Shining

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Post by Shining » Mon May 31, 2010 9:22 pm
If you want to stop, I would as Melanie says, no action required. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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