www.iva.co.uk

I read some posts on here and I get different views on overtime payments when in an IVA. So can anybody tell me what the rule is so I can make sure its saved to pay into my IVA pot. Or is every IVA different when it comes to overtime payments.
Which is correct
1)Monthly basic take home pay £1500
Extra overtime in a month £150
Extra to pay into IVA pot £0.00
2)Monthly basic take home pay £1500
Extra overtime in a month £150
Extra to pay into IVA pot £67.50p
Dont want get to the position that it havn't got the money to pay the extra.
I'm still collecting all my paperwork at the moment. Are they always slow in sending it. You would think they would want to get things sorted wouldn't you. Or is it their chance to add a little bit more interest on.

All IVAs are different, mine doesn't included any overtime payments and it really does depend on the outcome of your creditors meeting.

You will need to check your Iva agreement as all are different....we have the 10% keep then 50% of extra os paid into Iva. We pay our overtime over monthly so that we knowwe have paid wht we owe!

I am with payplan and the overtime payment is gross overtime minus 34% divided by two,the 34% is to allow for tax etc.It does seem that
the differnet companies have differnet calculations.

I agree it would depend on which comapny you're with and what was written into your proposal. Ask your chosen company to explain this to you now prior to paperwork being signed.

I would have to give 10% of my take home pay plus 50/50 if I worked any overtime.

Some companies want you to pay it across within 14 days, it's something you have to sort out with your IP.

I would get to keep the first 10% then split the remainder with my IP, I send in payslips quarterly and any monies due but there never is any sadly due to the nature of our jobs x

Same here Lesley - can't remember the last time I worked any.

I think it's always best to pay it across straight away so you're not tempted to spend it.

Yet again you are all great at replying to posts. I'll just have to see what my IVA says if I get it accepted.
Since I have been on this forum I have come to realize that there's a lot of people like me who have financial problems for whatever reason but we all seem to have the same goal. Thats get it sorted and quickly. 5 Years aint such a long time
Thanks to you all

60 months sounds better Pugwash and it does soon go, I'm month 31 working towards 32nd payment now and at times it's been a trek but for the main it's been ok. All the best x

Cheers Lesley
Does it get easier as the months go by.
Is it constantly on your mind.
Do you fear failing.
I ask because I think if asked these questions half way through I would answer No, Yes, Yes.

It does usually get easier although you might get a few blips along the way.

I think most of us love budgeting now and using cash and knowing the bank account will be in the black at the end of the month.

I don't think about it constantly at all. Never think about it failing either.

Hi Pugwash, failure was never an option and believe me at the beginning of my IVA I was tested with things that could go wrong, take a look at my blog, I soldiered on and it's now becoming a tad easier for me, no arrears means I can finally accrue some contingency for a rainy day and last weekend the rainy day came and had to buy a new freezer but in previous years it'd have been a disaster and I'd have had to go running to Melanie but this time I paid for it cash out of my bank and what a great feeling.

So yes I do fear failing although I knew at the onset and do know now an IVA was for me, it's changed the way I think about money and material possessions, I still have moments of weakness and want want want but now know I can't have so yes it is on my mind a lot but probably not constantly. For me it's definitely got easier.

This forum helps immensely as we're all in or been in a similar/same situation (excluding professionals) and the support is amazing.

All the best to you xx

Hi pugwash I'm only two months into my iva but feel it is the best thing I ever did I have had to pay out for a few things this month but it is great to be able to pay without worrying where the moneys going to come from

Hi just reading through these posts, i just wondered IF you was able to save a bit of money in your budget and just by being carefull and you built up a bit of money in a saving account , when it came to your first review in your IVA would /could your IP decide to make you put in extra money or lower your budget because they felt you could live off less!!!!?

We are in the early stages of applying for IVA, should we discuss with the company about what ratio they might use for any overtime,or extra income etc. Would we have any say in the ratio or use the ratio they feel would be exceptable?
Thanks