can the experts answer please

[markiboy]

Hi,
I am still new to this and just started my IVA first payment sent. How does it work? (question) sorry to be thick [^] here but when you send your last 3 wage slips in and your P60 at the yearly review if the income is more than you have paid i:e 50% overtime etc do they ask for a lump sum??
Question please if you send in each month 50% overtime and you have been to the dentist which is not in my expendture can you deduct this from the payment of the 50% overtime?

Thanks markiboy[?]

[Adam Davies]

Hi
Your IP will ask you to fill in a new income and expenditure form and will assess your situation.If your income has risen more than your expenditure then your payments will be increased.
As long as you have paid over 50% of your overtime as you earn it then you will not have to pay anymore.
Finally unfortunately your extra expenses such as a visit to the dentist this will have to come out of your 50%.However if you have incurred extra costs earning the overtime such as extra travelling then you could argue that this should be deducted from your overtime before you split it.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[aguise]

Hi Markiboy
I pay my overtime at 50% each month and you can offset some things against it but I have always asked my ac manager first and do have to send receipts for it. As for the first part of your question, yes I think they may ask you for some of it back if a large amount but they can offset rises also in expenditure. I still prefer to do it monthly to avoid the worry of this and the need to save it, but at the moment we do earn quite reasonable amounts of overtime. I am just waiting for my six month review , which my company does and am eager to see if it works out right. My worry is that if i overpay will they give it back.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[markiboy]

Thanks Andy and aguise. It does help me and that's why I think this site is great and the support.
markiboy

[MelanieGiles]

To Ang

Yes - if you have overpaid you will be rightly due a refund under the terms of your contract.

To Markiboy

The best advice I can give you is follow Ang's example of paying over this money as soon as it is received. Many people get a nasty shock at the end of the year when they are asked for a lump sum, which has often been spent without realising where the money has gone to.

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

[markiboy]

Thanks Melanie I will do that. i presume you just send a cheque off to the IP? Hope you are refreshed after your holiday?
Markiboy

[aguise]

Hi Markiboy
I actually ring my company each month and they take it via a debit that way we agree on the amount and also any queries you have such as wanting to offset something can be agreed at that time.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[markiboy]

one small prob I just have a cash card, my bank won't let me have a debit card I just do cash and get a cheque from the bank if I have to.
Markiboy

[aguise]

Sorry was not clear there . I meant that they took an extra direct debit, but I am sure a cheque would be as good so no worry, but I would still agree the amount with them and i also keep good record of the extra I pay. I highlght bank statements and do a basic spreadsheet to show how I reach the figure and also put notes on it if any offsetting is agreed, but that is choice, my way of trying to take control and know where my money goes so that in the end I will be able to manage without credit and save for the things that we want.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[markiboy]

Got you I never thought of that, I will do that. I get paid on the 10th so I will give them a ring.
Thanks for that, well appreciated.
Markiboy