a question regarding overtime

[r_c]

My partner and I are due to have our first annual review shortly and I have a question regarding overtime. My partner has had the opportunity to work overtime over the past year but through our own fault we have not put this aside for our IVA. I would be grateful for any advice you could give me with regard to what will happen - will our IVA fail, could we increase monthly payment for the remaining years to incorporate this, could we use money from a family member to cover this or is this not allowed?

Many thanks in advance for your help and I look forward to hearing from you.

[aguise]

Hi Rc
Have you looked at your proposal as to what it says about overtime, usually it is 50%, if so then I am sure your supervisor will allow You to increase your payments to pay what is owed. Is it a large amount? also remember if you have had expenditure rises I think they can offset these agsainst the overtime. The way we do it is to ring each month and get them to take it, that way we dont have it avaliable to spend, but we still have the other half to ourselves. Dont worry you will not be failed but as said you may have to make it up.

Hope it helps
Ang

[MelanieGiles]

Hi rc

Your circumstances are the danger when IPs do not regularly check on the position throughout the year. My clients are required to submit wage information on a quarterly basis, so that we can spot at an early stage whether there is going to be an issue with receiving payments from our clients. Like Ang, the majority of my clients welcome this approach as it means they cannot spend money that is not technically theirs.

You will need to alert your IP of this difficulty as soon as possible to work out a resolution. I would not have thought this would result in a failure of the IVA.

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