www.iva.co.uk

Hi all
Can anyone give me some advice. We've recently entered an iva, as some will know from my paranoid posts! Thing is, my hubby had been planning to go on holiday with his cousin and a few others. Its gonna cost quite a lot of money. There is some overtime at work at the min and he probs could earn quite a lot of what he needs. The thing is the overtime clause. We are on the 10% rule. Can anyone tell me, whether this can be worked out over the year? It looks like it has to be month to month but has anyone ever dealt with anything like this. Hubby just said could he not do quite abit for a couple of months then just stop. The overtime is going to disappear after January anyway. thoughts please x

Sorry, Sonj, I can't remember -- are you in a sole IVA or both in IVA's ?

If 'tis only you in the IVA (and you are not with Payplan) then his overtime should be his to do with as he wishes.

If he is in an IVA as well -- yes, it is done monthly, unless previously agreed with the IP and possibly creditors for reasons of self employment and / or a vastly fluctuating income.

hiya, It is usually calculated monthly and paid over to the IP then. If he stops doing overtime he will stop paying the uplift. Is that what you mean sonj?

Overtime needs to be declared as and when money received ..its best to calculate the 10%: 50:50 as you go so that no surprises come and bite you at review time.
Presuming he earns £200 in overtime ... he keeps the first 10% (£20), then the balance £180 woukd be split 50:50 between you and your iva ... therefore your husband would retain £110 of his overtime.

Hope this helps ...

sorry, wasn't very clear. Hes not doing it now. We thought we could do a little here and there to stay under 10% but hes now been told full amount is due by December. Not looking good for him!!!

Remember that as well as the 10% disregard he gets to keep 50% of the rest.

ours was calculated monthly but as my husband gets paid weekly our IP agreed to calculate over the year instead of each month as we calculated when it was 5 week month he would go slightly over the 10% which isn't fair when its just your standard weekly pay so he agreed for it to be calculated over the year, it just depends on individual circumstances.