www.iva.co.uk

When paying 50% overtime etc. Does this get taken off my total debt owed or just my agreed sum to pay back. In short, if i did lots of overtime and paid it to my IVA will it get paid off any quicker? I doubt it but worth asking!

Hi Claire and welcome to the forum

The additional payments do reduce your debts - but they will not reduce the amounts that you have to pay into the IVA - unless you are fortunate to be able to pay creditors in full. You will need to be returning 100p in the £ plus the costs of running the arrangement, before you can consider reducing the timescale I am afraid.

By participating in overtime the 50% due in the Arrangement would increase the dividend received by creditors. As Melanie says, unless you manage to pay back 100p/£ plus costs the duration of the Arrangement remains the same.

Unfortunately, you will always owe the total amount to your creditors until the day you complete your IVA.

Just think as well though - you do lots of overtime, you will also get extra money for yourself!

Basically (and I wont be popular for saying this)theres not much point in working your socks off for extra money, the IVA will run for the same time, you will just end paying more money back! Agree or disagree, thats the way it is :-/

There is a benefit in doing overtime as you can keep the first 10% increase in your net wages and 50% of the rest. This is a reasonable split and allows for some treats not allowed on a standard income and expenditure.

The idea of an IVA is also to pay back as much to your creditors as you can. I don't have the opportunity to earn overtime, but I would be happy to do the split, especially as it would mean I had money to spend on myself.

It's personal choice, but I don't see a problem with handing over 50% of any overtime. If you had to hand over the lot it would be different.

No way would I do it if I had to hand the lot over, but 50% (if I could work overtime!) I would be quite happy with.

It is a fair split, IMO. We are slightly different in that Mr R gets ovetime on a weekly basis and so our I&E form reflects regular overtime as guaranteed income. Any extra then we get half, I think it is a worthwhile incentive myself to do overtime if available.

Overtime is actually keeping me afloat. I work enough so that I get paid exactly 10% of my mnthly salary. It offers a lifeline for our family to to have a few treats and cover the emergencies.

That said, I have reviewed my documents many times and still cannot see any clause that suggests I have to pay any of my overtime into my IVA. But just to be safe I am sticking to 10% max.

I would encourage anyone to do the same. Losing a weekend once a month is more than compensated by the security of having a bit of money spare.

I would double check with your IP about the overtime Phil. You don't want any nasty surprises when it comes to review time.

I hope your overtime doesn't dry up - you could have problems otherwise.

Thanks Jan, your right I should check it up with my IP. Looking at payrise in March, so hopefully that will mean that if OT dries up I will be ok.

I hope you are.

Will we be seeing you at FF? Can't remember if you said you were going or not.

Yes Jan, I am going to do my best to get there this time. Will be great to meet everyone who was so helpful to me at the start of the year...

Already seems an age ago!