50% overtime offset??

[flashingblade]

Hi
Just want to ask a question.

If each month i got say £50 overtime i would be expected to give 50% of this so £25, but if my bills had gone up by a total of £26, do i get to keep all of the £50 overtime??

Thanks

[spla]

hi yes

[james.c]

your lucky

i am salary apid and dont get over time, i have jsut been given a payrise because of the extra hours i put in. I am now about £100 better of month, and this should go to my creditors, but if it was £100 over time i would get to keep £50.00, this is the one thing that annoys me about iva's.

James

[spla]

hi james if your cost of living has gone up it want be touched

[james.c]

with regards to your overtime if you have £50 extra but your bills have gone up £26.00, that means your left with £24.00, so i would expect that at least 50% of the £24.00 which is £12.00 would have to be paid in the iva

[MelanieGiles]

No - you would be expected to fund the increased expenditure from your half share of the overtime monies first.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[flashingblade]

in 6 months of the iva i should have paid about 130 of overtime to them, but havent because our expenditure has gone up by 26.20 each month

how do i explain this to the ip or should i just wait for the annual review??

[flashingblade]

my salary for the IVA is set at £1003

This is what i have got, in brackets is what is overtime, and next to that is 50% of the overtime, so some months i have lost out:

March £1024.11 (£21.11) 10.55

April £1059.51 (£56.51) 28.25

May £1017.11 (£14.11) 7.05

June £1153.45 (£150.45) 75.23

July £1017.95 (£14.95) 7.50

[spla]

wait for annual review keep copys of bills and payments you make but they dont nomally request them

[MelanieGiles]

Make sure that you have retained evidence of the additional expenditure. If I were your IP I would certainly set off the extra expenditure against the additional earnings.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[flashingblade]

Thanks everyone for your replies. Most of the evidence is through bank statements anyway, but just thought its probably more, i havent been well and some months im spending up to nearly £14 on prescriptions, so i must remember to keep those receipts.

You should see my I&E spreadsheet on the computer!! Confusing!

[spla]

speadsheets my ip hasnt sent me a spreadsheet or a duvet now i think about it ille phone first thing to find out why gee i hope there for free

[flashingblade]

lol - it takes some maintaining!

[spla]

i bet good luck every payments a payment closer