www.iva.co.uk

hi.
i have just started an IVA which was approved in April.However,the first payment is not required until June .Does this mean that i can keep all overtime pay from April and not have to pay any until my May payments?
Thanks Rob

How come your payments dont start to June?

Guess it was time delay to sort out DD details.

Does seem strange that you're not starting until June but obviously your IP company is happy with that.

You need to run any overtime from now past your IP company. If it has been approved then I reckon you are bound by the protocol even if you've not made a payment yet.

Keep schtum Rob.

I think you will have to declare everything from date it started if your T&Cs say earn 10% then pay 50/50. Run by your IP though.

I would imagine it depends on how your overtime is declared. Even though monthly payments do not start until June, a review of overtime may be from start of IVA approved. Afterall, you will be protected under terms of the IVA as of April.

How much money is involved?

I can see the appeal of keeping quiet but it may come back to haunt the OP when payslips are requested at review time. I'd 'fess up and hope for the best....couldn't handle the sleepless nights! xx

I agree - it is best to be honest with the IP as it may well come to notice and you'd be expected to find that money.

At least if you pay some across then you get to keep the rest and will have nothing to worry about.