Hi again everyone, i have been asked to give 50%

[MelanieGiles]

I am afraid that it will not be retrospective Stoney - but I have been putting this provision into my clients proposals since September 2007 and do wonder why other IPs have not followed suit, seeing as it was a creditor led amendment.

[kallis3]

My IVA was approved April 2008 and it was in mine.

[stoneyB]

This is where I find IVA's confusing. It is clear that some IP's do not give the client the best advice and incomplete or outdated information. This happens in any profession however there doesn't seem to be any recourse or ability to redress the situation for the client. Or am I missing something?

[MelanieGiles]

This is now largely eradicated via the use of the IVA protocol, or common modifications used by creditors, but it still does pay to shop around to find the right IP firm to represent you.

[stoneyB]

I accept that but it does seems a bit of a big event in a persons life to rely on caveat emptor!

[David Mond]

deeppockets - yes but does depend on what it says in your proposal/modifications.

adamj - whatever you basic pay prior to rise - you will be allowed to keep 10% therof of any rise plus 50% of the balance.

IP's are all encouraged to give apprpriate (not best) advice given an individuals personal circumstances)and advice does differ from IP to Ip as any advice from any professional would.

All IP's have extensive training but some like Melanie and me trained as Chartered Accountants firs so have been brought up on proper ethics and a regime of strict training. That does not mean that other IP's who come from a different background are any worse - but advice does differ.

[Max]

I am pleased you have distinguished between appropriate and best advice -what is appropriate to the circumstances is the important issue. Like any profession there are going to be excellent, good, indifferent and poor IPs - we chose an excellent one - Melanie. J

[ivas4us]

Yes I agree there are different levels to describe IP's. However the forum is very lucky to be able to have queries answered by the best IP's - Melanie and David.

[mole]

I now understand how overtime is handled but I am still not 100% clear in my mind the issue with payrises. From Mr Mond's last post on this thread he seemed to indicate that you can retain any payrise as long as it is not greater than 10% of your net monthly pay? Is this right. Is this just amount that you can keep until the point of the next review?

[ivas4us]

Thats the way I read it. Then at review expenses are likely to have increased as well. Just found out my council tax is now £50 a month more than my proposal so less beans on the toast.

[Skippy]

We're lucky to have 3 excellent IPs posting on the forum and I wouldn't hesitate to recommend Melanie, David Mond or Michael Peoples to anyone needing advice.

[ivas4us]

Absolutely right Skippy, I should have mentioned Michael as well as he is offering tremendous support to the forum.

[David Mond]

I now understand how overtime is handled but I am still not 100% clear in my mind the issue with payrises. From Mr Mond's last post on this thread he seemed to indicate that you can retain any payrise as long as it is not greater than 10% of your net monthly pay? Is this right. Is this just amount that you can keep until the point of the next review?

Pay rises are different.

These are usually dealt with at an Annual Review and after reviwing what your current expenses are will determine whether any increase in monthly contributions are required.

If any IP claims the extra pay rise from date of rise (some do) nthen be sure to explain that you have had extra costs and detail them to reduce or rebut any claim.