www.iva.co.uk

hi
Thinking about taking out an iva. Could you please tell me how overtime pay is dealt with. My husband gets the chance of overtime some months but not others so is by no means guaranteed income

Hi,

What normally happens with overtime is that you keep the first 10% over and above your normal take home monthly pay, then the rest is split 50/50 with the IVA.

Have you spoken to anyone yet? If not, I recommend that you visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.

Jan is correct - in that she quotes from the IVA protocol. Not all firms are using the IVA protocol, so check with your own provider in the first instance, and read the IVA proposals carefully.

Regarding pay raises, does the IVA get the full amount of your pay rise every month ? Am hoping I may get a pay raise ( we can dream) wondering if all of that would go to the IVA?

How much of your payrise goes across will depend on how much it is, and how much your expenditure has gone up as well.

If anything like last year we got an extra £40 a month in our paycheque? Obviously as my I&E has only just been done there will be no increase in expenditure... saying that in this financial climate there may be no raise this year [:(]

You'll have to run it by your IP. Best to get it sorted now rather than worry about it later.

well will find out in July I think if we are getting a payrise.. so will let my IP know straight away if I am lucky enough to get one.. thank you Jan xx

Just so you cant judge, I had a pay raise the day after my meeting.[:I]
Threw me I can tell you, thought oh yeah, none for over 2 yrs then this...first time I was upset at getting a rise[:D] I got in touch with David's team right away and as it was only £35 a month, (only for them but a lot to me[;)]) It seems it fell into the 10% rule and I was told it was ok and I didn't need to re-do my I&E.
Hope that helps.
x

J11k wrote:

hi
Thinking about taking out an iva. Could you please tell me how overtime pay is dealt with. My husband gets the chance of overtime some months but not others so is by no means guaranteed income

You need to have a chat with an IP and give him/her details of all your personal and financial circumstances and particulars. He or she will tel you about the IVA Protocol and what happens with Overtime etc.

Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with.

They will give you the appropriate advice and it is free.

Let us know how you get on.