Protocol Compliant IVA

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Struzzo39

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Post by Struzzo39 » Tue Sep 28, 2010 7:13 pm
Was wondering if anyone could help. We are now into our 7th month with payplan and after our 3 month pay review we found that our plan was in deficit due to overtime. On contacting payplan we have been informed that all protocol compliant IVA's are not entitled to the 10% overtime rule and instead we need to pay 50% of overtime in the plan. We have no paper work regarding this clause at all and from doing some research within the forum it doesn't seem to be the case with others who are in these IVA's and that they are intitled to the 10% rule Sorry for rabbiting on!!!
Steven & Debbie
 
 

kallis3

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Post by kallis3 » Tue Sep 28, 2010 7:17 pm
Mine is with Payplan, protocol compliant and I have the 10% plus 50/50 rule, it's written into my proposal and in my chairmans report.
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The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Adam Davies

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Post by Adam Davies » Tue Sep 28, 2010 7:27 pm
Hi
You sould be able to retain 10% of your normal monthly net pay and anything over that will be split 50/50 with half going into your IVA
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Andam Davies
 
 

Struzzo39

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Post by Struzzo39 » Tue Sep 28, 2010 7:32 pm
Where do we go from here? After numerous telephone calls the past couple of days this is what payplan keep on informing us. Starting to lose faith, been soo good so far and now I feel let down. All this information should have been liased with us at the interim period!!
Steven & Debbie
 
 

back on track

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Post by back on track » Tue Sep 28, 2010 8:39 pm
mines a protocol iva and i have written into my proposal the 50/50 clause
have a look back in yours and see what it says,there will be something in there.
if theres no mention of paying over your overtime then you will not have to.
my wifes did not have any overtime clause,just to pay anything over £500 down as a windfall.
her iva was only for £15230 so thats prob why and it was an interlocking iva with mine..
check back in your proposal
cc received 6th January 2014 now upwards and onwards
 
 

MelanieGiles

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Post by MelanieGiles » Tue Sep 28, 2010 8:50 pm
The correct answer is that if your IVA is proposed in accordance with the 2010 protocol - which was only introduced in February 2010 to be effective from 1 May 2010, then you get the benefit of the 10%. The earlier protocol did not allow the 10% - so it really depends upon the actual protocol used in your proposal.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Struzzo39

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Post by Struzzo39 » Tue Sep 28, 2010 9:07 pm
Thanks all, just been going through the proposal and I can find no mention of overtime what so ever. There is a section on a windfall of over £500. The 3 months overtime payments are just under £400. Nor can I find any mention in the chairmans report. I wouldn't care, the overtime wasn't something I really wanted to do, but have been obliged to do. After years of doing as much overtime as possible to try to make ends meet, its felt good not to have to do any (not that there was any anyway). We got very busy and it was all hands to pumps to get us through at work for a few weeks. Will go back to Payplan and ask why I can find no mention in any of our paperwork. I have to say it wasn't something I thought about at the time, as work had been very slack. Thanks once again.
Steven & Debbie
 
 

antm

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Post by antm » Tue Sep 28, 2010 9:11 pm
I don't get the 10% rule, but even so its nice to get the 50/50!!
 
 

MelanieGiles

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Post by MelanieGiles » Wed Sep 29, 2010 1:32 am
Yes - you will have to go back to Payplan and ask them to put their advice in writing to you quoting the relevant authorities for their decision.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Struzzo39

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Post by Struzzo39 » Wed Sep 29, 2010 7:23 am
Thanks all. will contact them later but from reading this thread it maybe that we are following the old rule as we were passed in March of this year so in the middle of all the changes. Albeit it doesn't take away from the fact that we have no correspondance on this matter. Yeah it is a bonus that we do get the 50/50 ruling if this is the case for us. But we were on the pretence that we were on track so to get a bill from Payplan was abit of a shock, as just presumed we were on the 10% then 50/50 like most other posters and well on track.
Steven & Debbie
 
 

kallis3

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Post by kallis3 » Wed Sep 29, 2010 9:02 am
Just to add that mine is the protocol from 2008 so that's probably why it differs so much.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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