My overtime isnt guaranteed, i just work it when its available, do you have to declare this every month you get paid when you have done overtime that month, or do you wait to your annual review?
If by the chance of god, i get a pay rise during the iva do i declare this as soon as i am in benefit of it? or again do i wait till annual review?
I am in the same situation as you regarding overtime and pay rises, so my IP has agreed to wait until I get my P60 when the annual review is due, then they can calculate how much more that I owe for the year, but I suspect that other arrangements differ from mine!
Hi Matt, I personally declare my earnings each month on a spreadsheet and then send all my payslips in on a quarterly basis including any monies earnt after the 10% and 50/50 split. I do it this way and then there are no big surprises at review date for me.
If I were lucky enough to get a payrise I would definitely inform my IP of the payrise and then hopefully they'd advise accordingly.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
The overtime should be declared each month your net take home pay increases by more than 10%. 50% over and above this must be paid to the IP normally within a couple of weeks. This prevents clients from spending the money and having a shortfall at the annual review. A pay rise can be different as most are only cost of living increases and lead to no change in the IVA payments. However, if you receive a promotion or substantial rise you would need to do an new I&E allowing for any additional expenses you now incur. Your own IP can explain how your IVA would be affected as there are differences between some proposals.
I've had a payrise today and phoned my company to tell them as we have only just had our payslips back after the quarterly review.
My caseworker told me that they aren't interested in it until my annual review, so I guess I've got a bit extra for the next six months!
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 probably will put it away - you never know if they are going to up the payments next year and if I don't spend it now, I won't miss it and will hopefully have a bit put by.
On the other hand Christmas is coming up...............!!!!![:D]
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
Morning all...our salaries are reviewed each 3 momths by Payplan and any additional funds, less the 50/50 and any additional expenditure are paid into the IVA....I wouldn't like to wait until the annual review as no doubt this additional payment would come as a nasty surprise!!
I'm with Payplan, and having spoken to them, was told to wait until the annual review!
Last year I was able to keep all of my backpay from the payrise as well.
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
