Get expert opinion. This is the place for new questions to be posted.
-
evesy
- Posts: 27
- Joined: Thu Apr 30, 2009 8:18 pm
- Location: United Kingdom
Hi everyone, i make my first iva payment on the 1st june. But i have just recieved my P60 from last year, stating id earnt considerably more than i expected. This was due to working a huge amount of overtime in April to Aug last year. However i do not expect to work any overtime this year so i will only be bringing home what id stated on my IVA proposal. does anyone know if my P60 from last year affects my future payments for this year??? I am aware that if i do work any overtime i will have to pay 50% of it to my IVA and this is more than fine. Im just concerned that my P60 that i have just recieved will be taken as part of my 6 months review??? as it isnt a true reflection of this years future earnings.
Thankyou for listening to my concerns.
-
johnh
- Posts: 280
- Joined: Wed Jul 02, 2008 8:41 am
- Location:
Hi Evesy and welcome to the forum. Whilst not an expert I am sure that you have nothing to worry about. Your IVA is set up to enable you to repay what you can afford based on your current earnings. What you may have earned in previous years is not relevant. You will probably be expected to produce your payslips and possibly bank statements (depending on your IP's requirements) at your 6 month review. The P60 relates to the year ending April 2009 which is before your IVA started and thus I can't see that it serves any purpose.
-
Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
Johnh is spot on.
Your payments will be based on your basic pay and not relying on overtime, for the reasons that you have explained.
If you do earn extra then you will a proportion of that over [best to pay it to your IP as soon as you earn it]
You have nothing to worry bout so relax
Regards
Andam Davies
