Monthly Income Question

[nic_23]

My Iva was agreed in Nov last year. They got my average take home pay from july/aug/sept payslips.
I work in sports and did alot of coaching throught his time as it was the summer holidays. This was in addition to my normal take home pay. So the average came out a bit higher than my basic. I accepted that though as I usually get a couple of coaching hours each month for partys and things. The average they got was 1157.00 My IVA was based on this.
My basic is about 1122. Some months I have not done any coaching and got 1122, but some months i did about 6 or 7 and have gotten 1185.
I was just wondering will they average this out. I worked it out from my P60 and my average monthly take home pay was 1156.43 (WOW Accurate)over the 12 months.
My clause is 50% of overtime, will I have to give them half of the 28 overtime or will they average it out from the months where i didnt earn as much?
Sorry for the long and complicated post!!
Any help greatly appreciated
Nic

[Cybus]

A lot can happen between now and November, when the review will fall due. As such it is hard to say what will happen just now.
If you are saying that you have earned an additional £28 over the past 8 months and that position does not change, then going by the book, I suppose you would be paying over the £14. However there are other factors to be considered at the time ... rises in fuel prices being just one.

[nic_23]

my fuel allowance was £60.00 for the month, I have been averaging 46 per two weeks so around the 90.00.Its been tight but Im managing(just!)
On the months I only earned £1122 ,£35.00 below the figure they got of £1157, just wondering if this would offset against when ive earned over the £1157. as my average is spot on!
Also as i work for the local council we are currently in pay disputes and therefor havent had a cost of living rise tis year but will get it all backdated to april when an agreement is reached. Prob around Nov/Oct Dec time. I sincerely hope they take into account this is a one off and I will happily give half over but i dont want them to use this as a payslip to get an average income from!! As its around my review time.
Im probably complicating things to much!
lol x

[LoneRanger]

Wouldnt you have to hand all of that over with it being a payrise? minus any extra you are entilted to in your review for increases in the cost of living?

[nic_23]

I dont know would I? If I had gotten it monthly from april it may have been 20 extra a month- knowing it was a payrise would i have to give all of it over? I thought I would just have to give 50% of anyhting over the £1157. Im really struggling at the minute as costs have gone up alot and as its supposed to be around nov when we get it backdated i was going to use the 50% i got to keep towards xmas presents.
Worrried now

[kallis3]

A payrise is different to overtime or bonuses. I would think that you would normally have to pay a good portion of it over.

Of course with prices going up as they are, you might get to keep a good portion of it.

You need to speak to your IP and ask them.

[nic_23]

When setting up my iva a lovely lady in drafting gave me her number so i might dig it out and give her a call.just read my chairmans report-it doesnt say diddly squat about payrises. just a bit on windfalls, bonuses and overtime!
Im 8 payments in now 9th tomorrow. Its hard but im managing, and its good to know im not living off credit anymore.
I get quite down sometimes when i think of the 51 months ahead but i know that theres light at the end of the tunnel and im doing my best to right any wrongs i have done credit wise!
xx

[plasticdaft]

Does anyones payrise these days mean they have extra after taking away the cost of living increases??? I dont think any right minded IP would expect contributions to go up unless its a significant payrise.

[indebtforever]

with the costs of everything i wouldnt worry petrol,food gas electric will eat this up and more i am sure if you explain the situation they will understand and take zero i submitted my petrol was twice as much as my review last year from 80 to 160 pounds no questions were asked or reciepts needed

[MelanieGiles]

As most client's payrises are merely linked to inflation, I take the view that they cover the increase in living costs and rarely increase payments unless there is a significant difference. Why make someone's life miserable for the next five years - and perhaps cause the IVA to fail as a result?

[facingittogether]

hi

i am somewhat confused too!

say hubby earns £30 more than he is allowed one week but for the next 2 weeks earns £30 less than he is allowed, is the overtime payments worked out asa an average over a quarter or each week!

also i had some overtime 1 month but so probably earned £100 more than i could eant before paying 50 per cent over but for the rst of the year probably no overtime so will be earning £100 less than i am allowed to earn before i have to pay 50 per cent over.

hubby got a 3 per cent payrise so when working out what we need to pay over, does all of that have to be sent?

ooh i am confused - basically is everyhting worked out as an average or from week to week or month to month?

sorry for rambling on

barb x

[cat 1]

we have a situation like yours Barb.Company let us add the money up monthly, take our bit and 50% and send a cheque for 50% to them.Hope it akes sense.You had best make sure though as you don't want to be landed with a big bill at review time.Cat

[MelanieGiles]

Barb

You really need to discuss this with your IP directly - or a member of their team, as they will have detailed knowledge of your case and the income calculations which were used for the purposes of the IVA.

[facingittogether]

ok, i will phone on monday!

thankyou for your replies

barb x