Snip from my agreement as follows:
The Supervisors will conduct a review of my income and expenditure every 12 months on or just before the
anniversary. In the event that my surplus income has increased, whether through increases in my basic
pay or of any routine overtime included in the original surplus calculation, or through a reduction in my
personal expenses, I will increase payments into my arrangement in the month following the review by upto
50% of the increased surplus. I undertake to provide the Supervisors with any information that the
Supervisors may require to conduct the review and to repay any arrears that arise from any delay in
completing the review before the next anniversary of the arrangement.
I will report any overtime, bonus, commission or similar to the Supervisors if not included in the original
surplus calculation, where the sum exceeds 10% of my normal take home pay. Disclosure to the
Supervisors will be made within 14 days of receipt and 50% of the amount (over and above the 10%) shall
be paid to the Supervisors within 14 days of the disclosure. Failure to disclose any such overtime, bonus,
commission or similar will be considered a breach of the IVA and the Supervisors shall notify the creditors
in the next annual report with proposals for how the breach is to be rectified.
Who is onlineUsers browsing this forum: No registered users and 59 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location