Good news for critical workers on an IVA.
Whilst the ‘stay at home’ policy and furlough means that many households have less income, we must not forget those working hard in critical jobs such as the NHS and social care, food production and supply, and the supermarkets and other food shops.
Are you a critical worker?
We’ve heard of individual frontline workers who have stayed in work at the end of a long shift to hold the hand of a dying patient. Or supermarket workers on shift through the night to replenish shelves ready for the morning. There are many instances when your work is critical to keeping people safe and well in these difficult times.
You may have little choice but to say yes to that additional work, even when it keeps you away from family and puts you at greater personal risk. In ‘normal’ circumstances, in an IVA, some of that overtime will have to be paid into your arrangement to increase the amount paid to your creditors. You will know that you can keep the first 10% extra over your take-home pay but half of the rest must be paid into the IVA.
What is different now?
The creditors of the IVA standing Committee (who represent the majority of IVA creditors) have recognised the hard work you’re doing and the risks you are taking to do it.
Critical workers will not need to increase their payments to the IVA due to overtime paid for the period of six months from 20 April 2020.
Are there other changes?
There are other changes for this 6-month period. However, they relate to the flexibility the Supervisor has in overseeing your IVA. If you have concerns about your IVA or are not a critical worker and would like to know more about how we can help with your situation, please give us a call.