Do I need to declare overtime?

[SinkorSwim]

Hello. I have been reading this forum for a while but this is my first post. I have been in an IVA for about 6 months. I do not usually get overtime but last week I had the opportunity to do some which I jumped at. It means will be paid about £75 extra at the end of this month. Do I have to declare this to my IP as it is really not much money and is probably going to be a one off.

Thanks

[Steve Jackson]

Hello Sinkorswim

I hope you have been finding the forum useful and thank you for your question.

My advice when you are in an IVA is always let your IP know of any changes in circumstances and additional income that you get.

In your situation, given that the overtime is a one off, I would be very surprised if your IP actually asks you to hand any of it over.

Normal IVA rules state that you have to make available 50% of any bonuses or overtime so the absolute worst case is that you will have to give over c£35. However, as I said, I think most IPs would simply choose to ignore this and let you keep it.

[Hayden]

Hi there Sinkorswim. Did you speak to your IP?

On occasion I have found myself in a similar position to you but I have always found my IP to be very reasonable. At the end of the day, I think the general view is that if you are unfront and honest about your situation and keep in regular contact with your IP, they will respect you all the more and go out of their way to help you out if you are struggling at any time.

Let us know how you get on.

[SinkorSwim]

Hello

I did speak to my IP and thay have asked my to pay 50% of the extra money I get into my IVA. At the end of the day, I suppose this is reasonable and as you said, I do feel better for having been honest about my situation. As you say Hayden, hopefully this will put me in the good books if I do need help from them further down the line. Four and a half years seems a long time but I know I can do it.

[Steve Jackson]

Well done Sinkorswim

It is always the best policy to be up front about everything with your IP however small. It absolutely reduces the potential for difficulties down the line.

I know another four and a half years of payments seems a long time but focus on the end goal of being debt free and it will pass more quickly than you think. I am sure Hayden would agree with this.

[Hayden]

You have done the right thing Sinkorswim. If you are honest with your IP now, they are far more likely to help you if you need it down the line. Keep positive about your IVA. I know four and a half years seems a long time but believe me, it will go quicker then you think. I am in the final year of my IVA now and I can not believe how quickly the last four have gone. Definitely looking forward to being debt free now and having all of my disposable income for myself....