www.iva.co.uk

I am due for a review and have done some overtime at work and am worried that i am going to get a lump sum bill as I have agreed to pay 50% of any overtime . What would happen if i cannot pay all at once.

This could constitute a default of the arrangement and would require a meeting of creditors. However, your IP may be able to help and could agree to a repayment schedule.

If your IVA follows the IVA protocol, then you should pay over overtime monies due to the IVA within 14 days of receipt.

We always used to pay our 50% across as soon as it was received to avoid us getting a request at the end - this way you know what you have and what you can save/spend, knowing your IVA is remaining compliant to its terms !

I'd be surprised if you don't get a lump sum bill but y should be able to work out a repayment plan. x

we have quaterly reviews and pay over any money owed at this point

we pay it over on pay-day-we have 14 days to notify and pay so better sooner than later.
Stops any confusion over whats owed-payslips also go in to iva company monthly and they check we have worked the split out properly.

I am not sure how you would not be able to pay this over at once as a lot of IVAs insist on paying the money over within 14 days. If it is protocol compliant then you are allowed a 10% uplift and then keep 50% of whats left personally whilst losing just under 50% can at times make me a bit cheesed off I do think that being allowed to keep more than half of bonus and overtime is extremely generous compared to what could be a possible alternative. The key here is to get into the habit of handing it straight over then you never get to think it was ever yours.

Hi, our Ip is haappy to wait till end of year for oursor will accept monthly too! they leave the choice to us.

hi i tend to pay the split in overtime as soon as possible ater payday...then theres no temptation of spending it

It is always better to send the money over to your IP as soon as it is earned. If you have electronic banking this should be really easy and it does stop nasty suprises at the end of the year. IPs are not paid enough to monitor client's wage-slips on a monthly basis, so there is an element of trust required here - but do be aware that if monies are not correctly accounted for this could result in the failure of the IVA ultimately.