Hi guys.. I have a question that I cant seem to find an answer for on here, I'm not sure if there is a specific answer either..
I've look through the forum and people have said about the 50% to be paid over to your IP from bonus and overtime earned, but my IVA does not seem to have this wrote in there, the only part I can find is in the section under annual review where it says '' I will increase my monthly contributions by 50% of any net surplus calculated'' I assume, that when they check my payslips and P60 for the year and see that I have earnt how ever much more due to this that I will have to pay this, correct? But how? is it a lump sum? or for the next 12 months will it be added on to my monthly payments? I have kept aside a account where I put extra money I have earned into it, and so far for the last 4 months I have the 50% of overtime and bonus in there.. How do other people deal with this? do they pay it as they get it, or do they wait and pay at the end of the year?
I hope I've made sense haha..
Thanks for any help
A lot of people pay the 50% over as soon as it's earned so that they don't get a nasty shock when they have their annual review. If my IVA had been successful that was what I was intending to do.
Hi
It is best to send it off to your IP as you earn it,otherwise you may get a hefty bill at the year end review.
The wording in your case seems to suggest that future monthly payments are increased by 50% of any extra earnings calculated.Now this could be after each three monthly review or at the annual review,the only person that can give you the difinitive answer is your IP
Regards
That modification is used to reassess your payments at each annual interval - for the forthcoming year, and not the year just gone. so you ought to find that your IP does not ask you for back payments.
Thanks for the info on this.. Still not to sure what to do about the extra money I have had due to overtime and bonus though.. Melanie does that mean that the assessment will only look at what I will have to pay for the following year only? Does that mean they wont base it on what I have earned during this year? Overtime is obviously not guaranteed so I can't say I'll have as much overtime the next year as I have done this year. Kind of confused by this really haha. I guess it is probably best to ask my IP on this.. Thanks for the help once again
if this is the case, do you think that even if I pay the 50% over to my IP as and when I get it, that this will at all effect my next years outcome if it is still going to be based on the following year?
