BONUS PAYMENTS

[Hazellorraine]

HI

On top of my redundancy nightmare I have a query on my bonus payments into my IVA. I worked in sales, where bonus was always good, so i always paid on pay day the agreed amount into my iva straight away. Today when I spoke to my consultant, she said there were monies outstanding . However previous to this I had been told by my IP that because i have paid so much into my IVA thus far ( i am nearly in my 4th year) I could stop paying my bonus payments until they contact me that i need to do so.
Now I am worried that this will make the IVA even more extended when I was quite happy paying my bonus in each mth:(
hope u can help.

[MelanieGiles]

I would arrange to have a chat with your IP directly on this point Hazel - you sound as if you may be a victim of left hand/right handitis.

[Hazellorraine]

Oh dear, what does this mean? Many thanks:)

[MrsKnight]

Hi hazel, I think what melaine means is you have been the victim, of been told one thing & then another & it needs sorting asap by getting directly onto your IP.

Does seem odd to be told to stop paying your overtime/bonus because you have paid to much & then wait to be told to start again. I'm only thinking this as we always owe the full balance of our debts & fees till the IVA ends.

Insist on speaking to your IP not the office staff.

[Hazellorraine]

I have spoken to my consultant today who says my file is all up to date and that as present I do not owe any extra, it is just my review is due and the woman I spoke to was reading the wrong information. Still worrying though! Thanks all

[MrsKnight]

Not good, but sometimes mistakes happen,but I'm glad you got an answer.
Reviews are always stressful, I've just had my 3rd & I know we had paid any over time across already & I knew there would be no increase in payments as little has changed, yet I just feel better when it's on paper!
I hope this review goes smoothly, let us know how you get on x

[kallis3]

Glad you got it sorted Hazel - these things are a worry sometimes aren't they?

[coachjambo]

Morning all....something similar happened to me around 4 months back, i called up my IVA provider to be told i owed more money (around an extra 1k) which was a shock...but after i had worked out all of what i had paid into it the lady was wrong. I called back and spoke with someone else with my figures and they accepted they where wrong, and it was reduced by about £400. I just agreed that for the remaining 5 months of my iva i would pay a bit more each month.
10 days and i have completed my IVA!!!!!!!

[MelanieGiles]

The calculation of additional uplifts is an absolute pain for IPs to monitor, we don't get paid properly for it, and it rarely results in much of an increased return to creditors. There can be several different interpretations to the calculation, and whilst I think in my firm we do it right, we are always happy to listen to arguments from our clients if they don't agree. Thankfully things are much easier now we have the IVA protocol - on some of my older IVA cases there are four or five differing ways of calculating this sort of thing - as well as the differing equity release clauses.