Hi markiboy
It depends on how you look at the iva and the overtime. Before our iva we worked all the hours we could just to survive, just to pay the bills and all of our overtime went to this. Now we still do extra hours and we pay 50% to our iva, but the other 50% is ours and gives us that bit extra for emergencies and some fun when we are not at work. Our lives have improved so much as we dont have the worry of the postman showering the mat with bills, I dont spend hours trying to work out how to get everything paid, and the biggest plus we feel content.One more thing, we dont have to do the overtime ,before we did, or we would have gone under, now its our choice and the fear of them taking it away has gone.
My tip is pay the overtime each month, and keep your half aside for the things to treat yourself, you will be amazed it can build up and gives you some security knowing there is some there for emergencies. Live to your budget given in expenditure, and inform you company of any rises these can be offset against the overtime.
I also think and maybe Melanie could confirm this that should you hit on hard times and need a variation, that the creditors may consider the fact that we have made the effort to pay more to the iva.
An iva is not easy but not having one for me was impossible.
Hope this helps a bit Markiboy
Ang
