www.iva.co.uk

Hi all,

Just completed 2nd year inc & exp form with Payplan and sent off our last 3 paylsips. Was really stressing as hubby had quite a bit of overtime (BUT THE OVERTIME CLAUSE IS NOT IN OUR CHAIRMANS REPORT) but was still worried.

Just had letter this morning that said our current surplus income has not increased therefore we do not need to increase our repayments. Im thrilled.

Could this change when they send report to creditors, or will that be it now for another year (really hope so)

If your husband's overtime is not included in the IVA, it cannot be taken into consideration now - and this has been confirmed in the letter you have received.

They are unlikely to change their minds at this stage, so stop the worrying!!!

gosh melanie, what time do you get up in a morning?
Like i say I am so pleased, its a real worry off my mine, i think after reading some posts that alot of people get quite stressed at this time. This is the first annual review weve had with Paylan and I cant complain about their service, they answer every email i send very promptly!!!

For some reason we never had an annual review after our first year, even though this was queried, but i think it was something to do with at the time it was due was the time we were transferring from Debtmatters to Payplan.

What is actually reported to the creditors? what is included in the report etc....

thanks

I was doing a show on Radio 5 live this morning, so had to be up early! Trust me this is very unusual for a Saturday morning!

Your annual report will report to creditors that you are up to date with your payments, the current position regarding the repayments to creditors, and contain a receipts and payments account where you can see how your money has been allocated over the previous two years.

so if the initial iva doesnt mention overtime at all they only take into account what your basic salary is.

each year at review time the letter i get asking for my info requires 3 payslips p60 and new i and e form,it also says they allow for a 3% increase in income,but,i can do a lot of overtime (even now in this recession) which in theory can put me well over a 3% increase in my salery yet the standard wage increase i get is 3% per year thus in theory satisfying the 3% allowance.

Personally, I would look at your overall financial situation to see if you could afford to increase your payments at the end of each year. This would be done in conjunction with the financial information presented, and with your agreement. If your IP has chosen to leave your payments at the original level then this represents the best outcome for you, and of course the ability to earn overtime is not always certain.

Lucky you not having a overtime clause in your IVA - I would be working all hours possible if it were me !

i know, i find it very strange that it was never included, I scoured and scoured the chairmans report to see if i could see anything, and the only thing thats there is the windfall/inheritance clause, so i guess we are pretty lucky.

I myself never do overtime but hubby gets offered it sometimes.

I take it that it wasn't mentioned in your proposal either baz?

We were asked about overtime,and hubby stated that he did it as and when but was never guaranteed any

I can't remember if I was asked about overtime, but the only 'guaranteed' overtime is a couple of bank holidays a year. Now even though this would not take me over the 10% rule, I now choose to take it as two days extra leave instead of money.

Other than that we have very little overtime, but I still have the clause.

Don't worry Baz - I have lots of clients who do not have the overtime clause in their proposals.