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 am suprised to note the advice that you have had with regard to your overtime monies, or even that your IP feels that they have the ambit to effectively change the terms of your IVA on an ad hoc basis. You will be allowed to earn up to 10% of your basic income, before handing over any additional monies to creditors, and any surplus is divided on a 50/50 basis between you and the creditors. Your IP has no discretion to allow additional expenditure to be set against those earnings which are due to the IVA, and I would be careful to not rely on that.
Thanks again for all the replies. So the 10% of the basic salary does this mean if I earn £30,000 a year before tax that I can earn up to £3,000 a year in overtime before having to hand over my 50%? or does it go on my take home pay of £1400 a month and I can only earn it on a month by month basis and not over the year. Some months I may get £400 but nothing for the next 6 months. Also is that just for me or is it for both of us?
The calculations are worked on a monthly basis, but your principle is correct - and it is worked out on the basis of your net take home pay. If only you is entering into the IVA, then the calculations are only relevent for yourself.
Check the wording in your proposal for the 10% / 50/50 clause. Some IVA's ( even purporting to be Protocol Compliant) have a straight 50/50 split, with no 10% disregard.
Mine is a straight 50 / 50 and, being Public Service, I accepted that ( thinking I wouldn't be making any extra payments anyway). Big mistake! However, tis donbe and I agreed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Katy, would you be able to email me directly? I am in the process of looking through your case with regards to some of the information that you have been told as it seems that there is some confusion.
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
Nick, I had not realised you would know who I am from on here. What is your email address so I can contact you, or you can call me after 4 today or tomorrow before 11. I have my exam in a couple of hours so not available until then.
Nick's email can be found under the 'Ask a Question' link on the left hand side of the page where all the forum experts are listed.
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
