www.iva.co.uk

As my IVA hasnt got the 50% on overtime and shift pay I am able to keep all. I work 12 hour shifts meaning my net pay is alot higher than my basic that my IVA is based on.
To avoid this extra money building up in my basic bank account I have had to open a savings account. Is there a limit to the ammount of money you are allowed to save during an IVA?

If you have no clause in your contract to pay any of these monies into your VA then it is likely that you can save as much money as you want.

I don't think so chris, but I am sure if Iam wrong someone will correct me. I have a saving account set up to run alongside my curren account to put any surplus in.

Lucky you for not having the overtime clause and having the opportunity to do overtime[:)]

I think I have the overtme clause, but I hardly ever get the chance to work any so it won't make a lot of difference. I do work a couple of bank holidays, but I can take these as time or pay, so will probably take time.

I work shifts as well and get paid a shift allowance. My allowance has been taken into account as a part of my salary so I miss out there.

You are lucky with the overtime. Good idea about setting up a savings account, think I will do that.

Hi Chris, we were told to set up a savings account by our IP, I think this was good advice as we have a small cushion for emergencies, enough to cover most domestic items, i.e washer/fridge. We were never told there was any limit we could save, however, there isn't much we can put away other than doing overtime, when available.

You have been fortunate not to have the O/T clause so make the most of it. We check our bank account daily like everyone else, the savings are sacred though, I can't believe we actually have some for the first time in 14 years!!!
The nicest part is if we do get the opportunity to work extra, we benefit and it doesn't just go on interest on our cards.

Hi Chris

I assume that your IP reviews this regularly at annual review time, and negotiates an increased payment based upon your average earnings over the previous year?

Hi Melanie, I have yet to have a review as I have only been in my IVA for a few months.

I gave my IP 3 wage slips at the start and explained that i get alot of OT pay ect and he took into account all this when my IVA went through as they needed a small ammount from my shift rate to get my IVA through. Will keep you posted when I get my review at the end of this year.

I know I am lucky in a way but my wages are never guaranteed and I never know what I will take home from one month to the next on top of my basic salary.

I must say that I am really glad that I HAVE got the 50% Overtime clause as it means I know exactly where I stand.

Presumably if people DONT have it then at review time - all or most of the money earned above their agreed income could be requested for inclusion?

I would certainly keep it safe until you know how your IVA Provider is going to approach things. If it were me I would contact them and find out what they are likely to ask for at the review - better to be safe than sorry!!!

I think if you earn alot of overtime, at your review your IP will calculate an average, and decide to increase your monthly payment. As Optimist says, it's not always a good thing not to have the 50/50 overtime clause x

Thanks for this post. I've not had much chance for overtime but as a result of this post I actually dug out my IVA agreement to have a check where I stand. I don't have the overtime clause either which is a result as I've just been put in a situation where some is available.

I checked with my IP he said that i am entitled to keep it all and that at annual review he is more interested in picking up any permanent increases.

What a result.

So thanks for posting the query otherwise i would never have checked!

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