Hi,
Could anyone tell me if i have a time limit on the 50% overtime contribution i have to make towards my IVA? im with Blair Endesby. I dont want to put my IVA at risk. Thanks
It's normally stated in your terms and conditions when the 50% is due. If they do a review and find you have earnt more then you hand it over when they ask normally. Check with your IP how they operate as no-one seems to be exactly the same.
I would suspect that you have to pay this over within 14 days, but read through your proposal to see what it says in your specific case or ask your IP directly.
I pay over my 50% of overtime and bonuses to DFD once a year, and I have to make sure I have put the money to one side so that I have the cash available for them just after each annual review, and DFD have been fine (so far!) about doing it this way and I would imagine BE will do likewise as long as you let them know.
The IVA protocol dictates 14 days - so if your IVA is protocol compliant you may find that you will be in breach if this is not paid across within the set timescale.
Have a read of your proposal & it should tell you in there. Im with BE & mine has to be paid in should they request it when they check the wage slips.
But I normally pay it in as we receive it - that way there is no chance of spending it & having to find it again, you then dont run the risk of them demanding a large lump upon an annual review.
Hope this helps & good luck with your IVA.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
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MelanieGiles wrote:
The IVA protocol dictates 14 days - so if your IVA is protocol compliant you may find that you will be in breach if this is not paid across within the set timescale.
I think I`d most definately prefer to pay any surplus earnings over to my IVA straight away, regardless of what IVA protocol dictates...the temptation to dip into it if I`d put it to one side would be too much, especially if money was extremely tight at any particular time...So a 14 day protocol seems logical and sensible.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
If I earned any, as soon as it hit the bank account it would be winging it's way to my IP.
The temptation to use it would be too great as you say.
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Hi Im with DFD and it can be paid right away or at my choice I can leave till the review. It appears tht each IVA is indivdidual so I would call your IP they will tell you straight away.
