www.iva.co.uk

My IVA was approved yesterday but the modifications made was that my wife should look for work and i should check with my work pension provider if there can suspend the payment for 2 years for me to pay the money in to my IVA,can this be done, i don,t want to suspend my pension.Another question is the overtime they say something like when you have %10 of your net income as overtime or bonus you can keep it but when it's more than %10 you pay %50 person in to your plan i don't quite understand it can someone explain and advice please.

What the overtime bit means is say you earn take home £1000 per month as normal basic.
If you work overtime and get an extra £99 pound you get to keep it all as 10% of £1000 is £100.

If you have received an extra £200 as overtime in one month then you keep the first £100 then the other £100 is split 50-50 between you and the IVA, so that month you have to pay an extra £50 to your IP and you get to keep the £150 part of the £200.
Hope that explains it better?

Unfortunately, if your creditors want you to suspend payment into pension, they can request this.

How much are you paying each month? It may be that they class whatever you pay as an excessive amount.

When I entered my IVA I was asked to cease contributing to my civil service pension (I contribute 3.5% of pensionable earnings), however, since I entered the pension scheme the terms and conditions have changed (for the worse), and if I left, then rejoined post IVA I would have to accept the new T&C's. I explained this to my IP and they said that as leaving the scheme would cause me long term disadvantage it was ok to keep the pension.

I actually pay 6.8% to my public sector pension and this wasn't queried.

I think it does depend on your IP and what your contributions are.

Thanks for all your replies, I am going through the pension agreement now i believe i will be able to suspend it, but will not be able to rejoin it again when once i suspend so i believe it will be to my detriment, hopefully my IP will be able to reason with me.The other modification in my plan is that my wife should get back to full time work when my daughter gets in to full time education in September but there are no jobs out there at the moment, has anyone had this in their plan

You need to explain this to the IP. You need to save for your retirement.

I think others have had this modification before. I would speak to the IP and ask what happens if she can't find work.