IVA help needed

[maggie2000]

Hi, I am posting this on behalf of a friend who is getting worried about his IVA. He has been paying this for about a year now. But the company (sorry I don't know which one) has just done a review and are now asking for an extra three thousand pounds...... last year when he fill in the form for income and outgoings he explained that he gets quite a low basic wage but has overtime every month. His wages can have quite a large difference from one month to the next.

 

He has been sending wage slips off to the comapany. Now he's just recieved a letter saying he's earned too much money and have asked for just under 3000 pounds to be paid to them.

 

 

Is there anything he can do???

[IdaInFife]

please can you say what company is running the IVA?

 

do you mean they have done their annual review and asking for £3000 more for this years payments?

 

ida x

Edited August 9, 2009 by IdaInFife

[maggie2000]

Yes they asking for 3000 plus the regular payments.

 

I don't know which company it is. I'll ask my friend and then post it on here.

[IdaInFife]

normally most iva's have a clause where if you get bonus' orovertime you agree to pay 50% of this to the IP.

 

 

remeber the costs of living can rise and they may need to submit a revisedi and e if tey haven't already. some people put 50 % of their overtime into another account adnpay this monthly or quartley to their IP so things like this do not happen.

 

 

so if they are asking for £3000 they must have ha £6000 of overtime last year.

 

ida x

[maggie2000]

I see, thanks for that. Yes the 3000 is 50% of his overtime.

[IdaInFife]

well in that case if they will be entitled to ask for this payment, he can obviously ask to spread it over their payments and remind them that any overtime this year to tuck half of it away or pay it to the IP

 

ida x