www.iva.co.uk

Hi
I have an iva with Payplan. Do they check p60 yearly for overtime or is the 10 percent allowance over the course of the plan.
I have gone slightly over my 10 percent already do font want to do ant more overtime if they check it annually as it would financially not be worth my while once I get the kids minded.
Thanks

Overtime should be calculated and any over the 10% split 50/50 (assuming this is your agreement) on a MONTHLY basis, with the extra paid over within 14 days (unless otherwise agreed).

do you send your payslips in every 3 months like a lot of us do?
if you do then if any payments were required they would have told you by now.
just send my p60 in when i get it with the 3 payslips required at the time.

Its worked monthly I believe rather than over the life of the iva.

Paul

They should look at your payslips to confirm what is due on a monthly basis.

I think it depends when you took out the iva and what you agreed at the time you took it out. the few times I had overtime I was told it would be reviewed at my annual review. Each year I would just have to send my P45 and 3 months payslips, but I think it has tightened up somewhat.

As others have said overtime payments should be looked at monthly, and where money has to be added to the IVA then this should be sent monthly.

It's worth working the extra in my opinion, retain 10% then split 50/50 to the IVA pot, you still gain and can get some treats or save it for something you want.