www.iva.co.uk

The more I read about IVAs on this forum the less I understand them.

Overtime , do you declare that each month or after your first year review.

Its going to show in the P60 anyway.

Other earning again is that a monthly declaration or a yearly review.

What if you can prove some overtime you did was to pay for repairs to your car ?.

Most IVA's require any overtime to be paid across monthly.

If the overtime was for car repairs this will need to come from your share of the overtime and the balance paid across.

From what I understand, and am sure someone will be able to direct if I am wrong, LOL,

is that any overtime you earn follows the 10% 50/50 rule. The 10% refers to ten percent of your declared monthly income.

So for instance if you earn say £1500pm normally and you get £200 overtime, then 10% of your declared monthly income is £150. the remaining £50 would then be split 50/50 between you and the creditors and this is then the uplift you pay over.

So you would be paying £25 uplift. It doesn't seem much and I could be totally wrong on the workings out of this. But this is how I have interpretted it

The requirement to disclose overtime earned, and account for any uplift payments, will be dictated by the terms of your own IVA. If it is an IVA prepared in accordance with the IVA protocol, you will need to inform your IP within 14 days of receipt and pay over the additional monies due at the same time.

Chat to your IP directly for further clarification on your particular case.

Personally I would always speak to your IP if you're not sure about when you should pay any uplift across.

MelanieGiles wrote:

The requirement to disclose overtime earned, and account for any uplift payments, will be dictated by the terms of your own IVA. If it is an IVA prepared in accordance with the IVA protocol, you will need to inform your IP within 14 days of receipt and pay over the additional monies due at the same time.

Chat to your IP directly for further clarification on your particular case.

Ah, see I learn things all the time from here, I am actually quite pleased to see that we would have to pay it over as it happens, it means not having to save it somewhere. Also means no worries that you haven't got it when the time comes.
thanks Mel x

Always best to pay it over when you have it. That way you're not tempted to spend!

Can't remember the last time I was able to work overtime - I even work Bank Holidays for time rather than money.

Overtime is something i feel should be set in stone as everyone seems to have a slight variance, mine i pay over 50/50 of everything. But if i had the 10% rule i don't earn more than 10% overtime so i would of kept it, last month i paid across £20 as i had earned £40 over my basic. Would be nice to have clarity, i know everyones IVA can be unique but would be nice to have the same rules.

The 10/50/50 split is for protocol compliant IVAs, and looking at your signature antm I think your IVA preceded the protocol.

My IVA is protocol compliant ( agreed today) but still has 50% of everything overtime-wise going to creditors. On the other hand it states that at my annual review only 50% of any increase in basic pay ( if there will be any) is added in.

Yours is one of the newer ones and it may differ foggy. Mine is 10% plus 50/50.

As regards payrises it depends on how your I&E has altered as to whether you have to pay anything across. I've not had my payments altered at all yet.

I had my payrise done like this, as my I&E didn't change, so half went to my IVA payment and i got to keep the other half, only £15 but every little helps!

I've had two payrises and not had to pay anything across to the IVA.

Our iva was approved end of August with the 10% then 50/50 rule and protocol compliant.Why wouldnt the new ivas be this across the board-doesnt seem fair to those who dont have the 10% rule as this is an added incentive to do the overtime and put more in the creditors pocket.
Foggy have a word with your ip about this.

It's at times like this I am almost glad I don't get paid for overtime! Sounds far too complicated for me.
10% of 50/50.????
If I was.clever enough to do sums like that I wouldn't have needed an IVA.