www.iva.co.uk

If I've worked overtime and not declared it and want to offer a f+f will they expect 1/2 my accumulated overtime paid over a past period on top of the balance of my IVA . Or will the overtime be taken off the balance. Very worried and anxious as didn't realise I had to declare overtime

if i was you i would declare it , soon or later they will find out when you do your 6month's or year reveiw which ever you do. am sure some one will jump in tell us different but best to be safe than sorry

I imagine they would do a review before the f&f to check for this so they will find out. Could uou factor that in to the offer?

Hi Sonia, I agree, you need to declare this as it will be picked up on when they see your payslips and P60 and check that against what you've paid. The money isn't yours to keep, it's owed to the IVA. They won't let you offer them money as a full and final which they're entitled to anyway!

It sounds like you have it put aside though which is good so hopefully - other than the pain of having to hand it over! - it won't impact you too much.

Remember that you get to keep 10% of your normal monthly take-home and 50% of the remaining extra. I'd go back and do the calculations to see how much extra is due and have a word with your IVA company.

I managed to save up a decent chunk over time (after paying the 50% uplift!) and have been able to complete a F&F offer giving that as a large part of the payment so it can be done.

Your full and final settlement can incorporate any owed overtime and it should not affect the outcome. Best of luck from me.

You will need to declare the overtime so your IP will probably want 50% of the net amount paid over to make the IVA good. The F&F offer should be based on future contributions. Michael surely the IP will want both the overtime sorted either before or as part of the F&F offer?

If there are arrears of overtime we would just put in a resolution that these arrears are forgiven if the F&F is accepted. Otherwise we can have the arrears paid and the F&F offer reduced but it makes little difference. If the overtime has not been paid it is a symptom of problems with the IVA so usually creditors are happy to close it.

I guess it also depends on personal circumstances. I didn't forward any overtime over 5 years even though it made up half my salary throughout the time. To be honest without overtime I wouldn't have been able to keep the IVA running. Perhaps that's why they never came back for it after each review. It appears as though they were just happy to receive the agreed monthly payments because it was never established how much I earned as the figs varied from month to month and would have been forced into bankruptcy if they solely relied on my basic income. There was no mention of all this when the IVA was drafted and IVA documents state that I should pay 10 50 50. If your circumstances are similar to mine then you might just about get away with it.