Again i agree. I am going to wait untill the change and then suggest that i get insurance on my job incase of redundancies as it may come around next year and i need to protect my mortgage. do u think they will agree to protect an asset?
It is certainly worth a try and your IP may agree as it might even be protecting the IVA payments too.
Also once the tax code has been amended you will receive a rebate via your wages for the overpayment of tax in the current tax year. This will equate to over £100 per month and that month's wages will be substantially higher. If this is deemed a windfall and below £500 you should be able to keep it but if your IP treats it under the overtime, bonus or commission modification you would have to pay some over. Make sure you speak to someone senior who understands everything before you agree to pay.
According to terms and conditions a tax rebate is classed as a windfall in my case and if they choose to think different then they will have a fight on there hands. so long without any spare cash has left the house tatty so any i can get my hands with be great lol. i have had little overtime since starting my iva and in the first six months it was about £300. They didnt touch it or ask for any which was a bonus
The £300 may be within the 10% so would be yours to keep anyway but be careful. The responsibility is on you to declare overtime and pay it over so when the annual review is done they may request the money then.
Depending on what it says in your proposal and any modifications at the meeting, you can normally keep any overtime and bonuses that does not increase your net pay by more than 10%. Anything over 10% is split 50/50 with the IVA. For example, if your basic net pay is £1,000 and you do £200 of overtime in a month you keep the first £100 i.e 10% of £1,000 and split the rest with the IVA. You should then send your IP a cheque for £50.
You would need to check this is the case but a chat to your IP firm should clear this up. Who are you with?
