www.iva.co.uk

do all ivas include paying 50% of any overtime earned aswell as your agreed monthly payment?
Is it expected to stop paying pension contributions in an iva?

Hi Paul and welcome to the forum. All IVA's are individual, I have the clause where I keep the first 10% of any extra monies earned and then it's 50/50 with my IVA.

My pension was never questioned and I continue to pay into this. It's all different and you might find by talking to 2 or 3 companies you'll ensure you get case specific advice. www.iva.com is a good starting point to find some professionals. x

Hi Paul,

The IVA protocol does now have provisoins for this so i would suggest that yes you would be expected to pay 50% of your overtime into an IVA.

You wouldnt be expected to stop your pension but there are restrictions on what you can pay in to it, noramlly if you making just the minimum contribution then it would be fine but if you are making additional voluntary contributions then this wouldnt be allowed.

Hi Paul and welcome to the forum.

With newer IVA's you would be expected to pay across 10% of your overtime over and above your normal wage plus 50% of the rest.

You will be allowed to continue pension contributions as long as they aren't too expensive.

hi kallis,
i understood that you were able to keep the first 10% of any overtime, then pay half of any amount over and above the first 10% into the IVA?

That is what mine is Kat and think that is probably what Kallis meant x

Yes, Kat -- that is the way I understand it to be. Keep 10% then split the rest 50/50, (unfortunately in my case I don't get the 10%, so it's a straight 50/50 split .... but then, I don't do overtime!).

Sorry, that is what I meant! Worded the post badly! Duh!!!

i was worried then, as you know i am in the very early stages still. but being the control freak i am, have been trying to work out roughly what my payment may be if its accepted, and the possibility of extra shifts if i feel up to doing them, which would mean a little extra for me and a little extra for the iva pot.
then i read the post and thought i had got it all wrong LOL. x

carlmcmullen wrote:

You wouldnt be expected to stop your pension but there are restrictions on what you can pay in to it, noramlly if you making just the minimum contribution then it would be fine but if you are making additional voluntary contributions then this wouldnt be allowed.

This was one of the modifications at my meeting. We have to provide proof that we are paying just the minimum contribution into our pensions. Anything above that will have to be stopped and payed towards the IVA.

yes judo, i have had to provide proof that i am only paying the minimum pension contribution also. still waiting on my proposal, hope its not much longer.

kat68 wrote:

yes judo, i have had to provide proof that i am only paying the minimum pension contribution also. still waiting on my proposal, hope its not much longer.

I know it has been a while for you Kat. But you are with a great team. They are obviously being very thorough. Hang in there. Give them a ring in the morning to see what the state of play is! *hugs for you*[;)]

In your case Judo,but this condition is not mandatory,the person proposing a iva can include any terms they feel necessary to protect their future regarding pensions etc.IVA,S were and are still very flexible.

MRBLUESKY wrote:

In your case Judo,but this condition is not mandatory,the person proposing a iva can include any terms they feel necessary to protect their future regarding pensions etc.IVA,S were and are still very flexible.

Oh no, I realise it is different for everybody. This apparently is what one creditor asked for from the meeting yesterday. It makes no difference to us as we are only paying the minimum anyway. It would have been a different story altogether had they asked us to freeze our pensions. I might have had a little hissy fit had that been the case.!

It seems to be common practice now for creditors to ask for minimum contributions only. Unfortunately my scheme allows for non-contributory pensions so I'm not allowed to put anything in . We can challenge this, but the balance of power doesn't lie with us and the creditors would very likely tell us to stuff it!