If you are with Grant Thornton I wondered if you would be able to shed a bit of light regarding the 10% + 50/50 ruling for overtime. I have been told recently that they work out your income after tax, then add the 10% figure. Then they take off your pension amount, the figure left is what you can keep before you have to split 50/50. Is this what you have been told?
As far as I am aware the overtime rule is on your take home pay after everything else has been taken off.
What does it say in your proposal/chairmans report?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It says " Should I receive any overtime, bonus or commission payment which was not included in the original surplus income calculation, and if this sum exceeds 10% of my normal take home pay then I shall disclose the receipt of such monies, to my Supervisor within 14 days of receipt and pay 50% of the amount over and above the 10% to my Supervisor"
As far as I am aware it is on your normal take home pay after all other deductions have been made. I'm sure one of the others or an expert will help out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sounds like the regular 10/50/50 to me. If your normal take home is 1000 then you can earn 1100 and split the rest 50/50. I would ask for your case manager to refer this to the IP for clarification. x
Hi Tracey.
I am with GT and as I understand it. You keep up to 10% above your normal monthly take home pay and then anything above that is split 50/50 with your IP! So, my OH earns £1825pm, he gets to keep £182.50 and the remainder is split 50/50. Hope that helps!
Thanks for your replies. That is the way I understood it for the past year, then had my first review and they are saying now that my money after tax needs to be added to the 10% then the total then needs to have my pension deducted then the amount left is what I can earn upto before having to pay any money across. I did not realise you had to take your pension off that amount. I have emailed GT today to clarify because I am totally confused.
That doesn't sound right to me Tracey. Your pension is automatically deducted from your pay each month, therefore the 10% should apply to your monthly take home pay after that. This was never mentioned to me and I have actually emailed them to ask this myself but as of yet had no reply.
I do think you have been misinformed Tracey. Lets see which one of us gets a reply first!!
I'm totally confused as well as I have not heard of this. Your normal take home pay already has tax, superannuation, pension, NI contributions taken off.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I agree Jan. It doesn't sound right at all. When I spoke to my case worker when my proposal was being drafted. She told me that the 10% would be based on our monthly take home pay (after all automatic deductions). I certainly think (and hope) that wires have been crossed here because that explanations makes no sense to me whatsoever.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Well, we'll have to wait and see. I did email GT with a question last Friday and as of yet have had no reply (not good). Lets hope I get a reply to this question! I refuse to ring them now because my last phone bill was a bit of a shock and all through ringing their number!
If they have an 0845 (or similar) number and you have free calls on your normal phone then look at Saynoto0870 and see if there is a national number for them. Might save you some money!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Yes feel a bit anxious now, I have emailed because at least you have written confirmation about what has been said. The lady on the phone the other day completely confused me and she kept saying bear with me whilst I check, this did not give me much re-assurance. It was all going so well until this review now I don't know what is going off! I have sent an email to GT but asked them to refer it to my IP direct so he can look back at my case etc. Will wait and see who gets a reply first!!!
