1st Year IVA rewiew help pls

tmh70

Hi Everyone, Im just after a little advice on whether this is right. We have just reached our 1st year review, into our 6yr IVA. My partner gets paid on the first Friday of every month, which fluctuates his wages, below is his part of the review.



Agreed Monthly per IVA Actual Difference 50% Due

Sept 1,696.00 1,622.70 -73.30 -36.65

Oct 1,696.00 1,909.74 +213.74 +106.87

Nov 1,742.00 (Pay Rise) 1,551.92 -190.08 -95.04

Dec 1,742.00 1,724.54 -17.46 -8.73

Jan 1,742.00 1,556.23 -185.77 -92.89

Feb 1,742.00 1,363.18 -378.82 -189.41

Mar 1,742.00 1,609.82 -132.18 -66.09

Apr 1,760.00 Tax Code Change 1,977.04 +217.04 +108.52

May 1,760.00 1,596.54 -163.46 -81.73

June 1,760.00 1,398.43 -361.57 -180.79

July 1,760.00 1,924.69 +164.69 +82.35

Aug 1,760.00 1,564.00 -195.70 -97.85

Totals 20,902.00 19,799.13 -1,102.87

50% Due 297.74

Should we be paying the 50% excess? as his hours never really change, I understood that the 50% was for overtime, he dosent do any and I did tell them this at start of IVA, but they said it was balanced out correctly.

Im I missing something here?
Thanks
Tammy

Discoman

Hi Tammy,
The 50% is for earnings above the agreed maximum ,which should 10% above the basic wage.
Your IP will want to see the last 3 payslips before the annual review and the P60.
But he only earned £19799.13 so i can see no problem with that aspect....

Its more of a concern that he earned £1924.69 just before the review period which includes the 3 current payslips and could cost you £114.34...

At review, his agreed monthly will go up as well as the amount paid back to creditors, providing all other bills are the same.

I've done 2 reviews and was right on the numbers for the yearly review for both, but pay wildly fluctuated at different times of the year.

I don't bother sending them all the payslips as my IP company are happy to review annual pay for the creditors with the 3 current payslips and the P60.
Try to hit the numbers for the 3 payslips of June, July, August next year.
Obviously, others will tell you that you should report your excess monthly earnings to your IP as you have agreed to, in order not to fail the IVA, but they are far better human beings than I

tmh70

Hi Discoman,
Thanks for the reply.

I understand that we have to pay 50% of extra earnings, but the problem is that my partner gets paid monthly anytime, between the 1st & the 7th of every month, therefore sometimes is a 3 1/2 week pay & othertimes its a 5 week pay. So when his earnings are over the £1,760 its because of the 5 week wage (Not Overtime), which they are trying to charge us on, yet when its the 3 1/2 week wage, were about £300 down & have to pay the same rate.

Surely when they set the monthly limit, which they told me was an average of the 12 monthly wage, they should also be doing this for his earnings? Or am I missing something.

Thanks

tmh70

Also we had to send in the years payslips, not just 3 months worth:)

tmh70

Is there anyone that can help with this please!

FoggyBrain_2

For what it's worth Tmh, I agree with your take on it. They have averaged the earnings to get the IVA payment, so should also account for that when looking at individual months. If it is described on the payslip as basic hours (not overtime) and his hourly rate hasn't increased then there is nothing to pay over to the IVA on the long months, as it is all basic pay.

Might I ask which company you are with > And, have you been dealing with an administrator, or the IP direct ?

tmh70

Thank you Foggy,

I thought i was missing something.

Were with Jones & Giles & its the IP ive been dealing with.

FoggyBrain_2

Jones Giles are normally more on the ball than this, unless we are both missing something !! Might I suggest you pop over to https://www.iva.co.uk. Melanie (IP) and Tina (Manager) often post over there. Post the same question and see if they pick up on it. They are generally very approachable.

tmh70

I did actually register there, but when I saw Melanie was an expert on there, I chickened out, lol

I will pop over & ask.

Thanks Foggy :~)

FoggyBrain_2

LOL. Mel is OK and is very helpful on the forum to her clients and to us mere mortals as well :-) She is actually off on holiday at the moment, so it might well be Tina who picks this up.