www.iva.co.uk

Hello

Once an IVA has been started does the IP control the salary of those on the IVA ? what i mean is does the IP know exactly what is coming in each month or can you earn overtime etc without them knowing as long as IVA payment is met each month. May sound cheeky but once IVA agreed is it ok to do this ?

Hi,

Normally there is a clause that states you pay a percentage of any overtime into the IVA. This ensures the creditors get as much back as possible.

If for whatever reason you didn't declare overtime, then your IP would detect it at your review and you would be in danger of the IVA failing.

Honesty is the best policy in my opinion[:)]

We pay over 50% of anything extra we earn - it is written clearly into our agreement. There is no point entering into an IVA if you are thinking of deceiving your IP - entering into an IVA is a chance for us to become debt free and to rebuold our lives again - it helps us tolearn to budget and live to a tight regime which does wonders for your confidence and self esteem I have to say - don't hide it from your IP...at review stage your P60's will be required and it will show up then !

Have to say that I have not yet sent off a P60.

However, my payslips have to be sent off every three months and it can quite clearly be seen how much I have earned.

As regards overtime or bonuses, some IP's do 10% over and above your normal salary plus 50% and others do a straight 50/50.

At least you do get to keep some.

You should not be looking to try and cheat your creditors.

IP,S supervise iva,s,so they have a responsibility to creditors ,to make sure they get the best dividend possible regarding debtors available income.generally they are a good bunch,and they go the extra mile to help debtors,has long as you are honest with them.be dishonest with them, then you will compromise there trust and probably put your iva at risk of failing.

Thanks everyone, i personally cant earn overtime but my wife can and as her salary is taken into consideration i did not know where we stood on this.

Thanks again.

Check your proposal harryboy....ours didn't have the overtime clause at all.

Is your wife in an IVA?

harryboy wrote:

Thanks everyone, i personally cant earn overtime but my wife can and as her salary is taken into consideration i did not know where we stood on this.

Thanks again.

If its only you thats in the IVA then they cant touch your wifes overtime,as long as you both pay your fair share of household expenses.[:D]

Not in one yet, just looking at all the options and where we stand on certain things. Thanks

You're doing right to ask questions before you make a decision. Make sure you speak to a couple of IP's and look at www.iva.com to compare reviews.

Anything else we can help you with, just ask away xx

One of the main factors to make an IVA work properly is honesty. Your IP will review wage-slips on a regular basis, and you will be obliged to account for overtime earned over certain limits. Please don't enter an IVA with the intention of hiding things from your IP - it rarely works.