can the overtime be included in an iva

lana2001

We are in the process of going through with an IVA however was told that any overtime worked will be taken into consideration and a percentage will be taken.How much can they take from us,overtime at the moment is quite regular and it helps for christmas and birthdays we have a 6 and 7 year old.

beanielou

Sorry I dont know the answer as to what % they can take into account but not too high unless it is written into a contract of employment as guarenteed I would have thought.

lana2001

Thanks anyway

kev1nm

Just thought I would let you know that in my IVA, I am required to pay over 50% of all overtime earned. Harsh I think but had to agree to it.

peachyprice

lana2001 wrote: »

We are in the process of going through with an IVA however was told that any overtime worked will be taken into consideration and a percentage will be taken.How much can they take from us,overtime at the moment is quite regular and it helps for christmas and birthdays we have a 6 and 7 year old.

Yes, usually 50%

XSpender

Hi

I think how much you have to give them depends on the final terms of your IVA.

In ours my OH can earn 10% over his basic then 50% of everything after that goes to the IVA where I have to give 50% of everything over my basic salary.

This is the same for bonuses and overtime etc.

scouselad1974

XSpender wrote: »

Hi

I think how much you have to give them depends on the final terms of your IVA.

In ours my OH can earn 10% over his basic then 50% of everything after that goes to the IVA where I have to give 50% of everything over my basic salary.

This is the same for bonuses and overtime etc.

Hi

I hope you don't mind me asking what may sound like a stupid question, but I notice that you have 67 months left on your IVA, I was under the impression that an IVA lasted 60 months max, can it last longer if you are paying a smaller monthly amount

danielanthony

scouselad1974 wrote: »

Hi

I hope you don't mind me asking what may sound like a stupid question, but I notice that you have 67 months left on your IVA, I was under the impression that an IVA lasted 60 months max, can it last longer if you are paying a smaller monthly amount

Yes, IVA's can be extended over 60 months depending on how much you owe and what you can afford to pay.

doelani

As with others ours was 50% of any overtime had t be paid to IVA. Although this was regular income, 1 week in 3 it was not counted as part of our income for IVA.