www.iva.co.uk

Sure this must have been asked before but couldn't find anything.
I'm 6 months into an IVA, have got over the unpleasant 'i'm not going to have any money for 5 years' phase and am now making it work
for me.
Anyway, my employer like many others pays overtime at time and a half. There's as much overtime as I want for a very long time, but theres no way that i'm going to work a Saturday and or Sunday for 75%
of my hourly rate. Therefore under the present circumstances I will not be contributing anything above my monthly payment for 5 years. I've just changed jobs and i'm in the process of doing a new income/expenditure sheet. Decided to request a less generous overtime
clause at the same time, for example 25%, as 25% of my overtime over 5 years is surely better than the £00.00 they will be recieving currently.
Just wondered if anyone else has done anything similar or had any advice.
Thanks.

Hi Redmonkey
The 50% is a fairly standard clause and you won't be able to change it! It's part of your proposal that you and the creditors agreed to.
The way I see it, it is a win win situation. The creditors get more paid back and more importantly you get some extra income that you would not normally have. It's income that can be used to pay for all the things that an iva doesn't allow for such as xmas and holidays. It's always good to put some aside for that rainy day.

Sure an expert will get to you soon on this, all I would say is that if you can make it easier on yourselves by having a bit of overtime now and then, the 10% and 50/50 clause is not so unreasonable.
The amount your creditor would receive is greatly outweighed by the amount you can fetch home. Please don't think I am being funny with this reply, it's whatever works best for you at the end of the day.

Hi there redmonkkey. I think it depends on how you look at overtime. I look from the point of view that pre iva all of our overtime just kept us afloat , we had no benefit of any of it. To be able to keep 50% is like christmas to us and has paid for many a bit of fun and saved us from problems with breakdowns. Eg today we took the two grandchildren out and bought them a couple of toys we couldnt have afforded without the overtime.
I have not seen anyone who has had the overtime clause reduced to 25% though I am no technical expert.

Ang

There will be absolutely no way of getting that clause amended, and your IP would not put that forward to creditors, so if it suits you not to work overtime I would stay as you are.

I completely agree with the above posts. I was really surprised when I first realised that I could get to keep 50% of my Overtime rather than being obliged to hand over anything extra I earned.

redmonkey - I know when you look at in cold hard "business" terms it comes hard to basically work overtime for - in your case - 75% of your basic rate - BUT that 75% is still REAL money in your wallet or purse (or bank account) and can be used to buy a few extras or to save up for the future.

I do Overtime every month and find that the extra money makes such a difference.

Thanks for the information and advice once again. No i don't think
your being funny 'beans on toast', just helpful

I can tell from the replies that my views as with all IVA issues,
that it comes down to individuals/couples and their own IVAs.
I had a low income and a 'relatively' low debt when before the
IVA and my circumstances meant I could have realistically gone
down the IVA or Bankruptcy route, i've already seen on many forum
posts and replies that I believe that I look at the situation differently than say someone at the other end of the scale. Hope I haven't come across as greedy.

I agree that the 10% and 50/50 clause isn't unreasonable
(i don't have the 10% bit unfortunately, wish I did).

I went down the IVA route because I want to run my own gardening/
landscaping business in the future and bankruptcy wouldn't have enabled this so i was 'forced' down the IVA route.
Otherwise, I think I might be reconsidering.

Thanks again, Lee.

If anyone asked me for the best piece of advice I could give in regard to an IVA or Bankruptcy it would be...
join/use iva.co.uk forum

Hi Lee.
I did not think you were being greedy for one minute, I never judge. We have a good income and expenditure and that means overtime can be kept for those nice moments or emergencies. We could only cope with an emergency or something nice with credit before, the overtime never touched our purse, now at least some of it does, and daft as it sounds for once overtime is worth it. For some overtime may just be survivng a tight I and E and understand then why someone might feel they are doing it for nothing, a we felt for years. If it is tight you can speak to your Ip and ask if any rises in I and E can be taken into consideration before the 50%.
Anyway i hope you know what I mean i have difficulty writing down what I am thinking at times.
Ang

i got "volunteered" to do some overtiem, i have alerted my IP