Payplan IVA

dunclane

Hi guys,

Quick question. My wife has recently started her IVA, she has now had a promotion at work and this has increased her salary by around £200 per month NETT.

Are we correct in assuming that 50% max is payable to creditors?

Also what about money from extra shifts etc, as Payplan wont be aware of these as payslips are sent quarterly does she have to keep 50% of this aside?

Her questions arent being answered properly by Payplan IMHO.

Thanks

Nargleblast

I am with CCCSVA and every month I send them a copy of my payslip together with 50% of anything I earn over the amount allowed. So if for example you are allowed to take home say £1500 a month, and one month you take home £1560, then you would send £30 of it; next month if you take home £1495 then you send just a copy of the payslip and no cash; next month if you take home £1610 then you would send £55 and so on. If Payplan have asked for copies of payslips to be sent quarterly then your wife would have to keep 50% of each month's surplus to one side and send it all in with the payslips. She can always transfer that amount into a savings account so she will get some interest on it before handing it over. Hope this helps.

Charco_2

Also, check your IVA Proposal... some companies vary slightly on how to manage this and the rules/practices have changed slightly over the years so it can depend when the IVA actually started too... Check the proposal!

althas

What Charco said. That information will be in your proposal

For me I keep the first 10% of anything over, then the remainder is split 50/50

So if I earn £100 normally and get £120 one month. I can earn £110 without paying extra, and the remainding £10 is split 50/50

If there is nothing in your agreement talk to your IP, as they will ask for this payment at some point, and you may not have it all one month

trudij

and just to add another version in - I give 50% of my total over-earnings, but they are worked out over the course of the year to take into account the months that i dont earn the original amount.
(ie - my allowable wage is 818 - anything more than that and i give them half, but the odd month that i earn less, that gets taken off the amount - so at my annual review I give them 50% of my extras less whatever I am down on my earnings....) hope that makes sense !!!!
I add it on to the following years payments - spread over the year its nowhere near so bad - and in September when it finishes, I will have to either hand over the outstanding amount, or pay it over another few months.

ach_2

I send payplan 3 months pay slips once a year along with my P60. Thats it. Other than that I have no contact with them.

emma-uk

I sent mine annually along with the previous 3 months payslips. It was transferred to Payplan from Debtmatters and they kept these terms