You will not need to pay more than 100p in the £ to creditors plus the costs of the voluntary arrangement, unless your IVA provides for statutory interest to be paid on top. Sorry Mel, I hadn't explained myself properly. The agreed dividend on my IVA equates to 89p/£, would I end up paying more tha...

Any surplus money you are then holding will be deemed to be a windfall, and will need to be paid into the IVA in any case on top of future contributions - so in reality it is not your money to negotiate with it belongs to the creditors, who will allow you to retain sufficient for your outgoings unt...

The spectre of redundancy looms large at my company and there is a 50%-75% chance I will be made redundant by February 09 if not before. As I type I am just over halfway through my IVA having paid off £37.5K and in February will be three years in (£41.2K). If I am made redundant, I will be in a posi...

With DebtMatters share price plummeting to 25p and the company confirming that they are undertaking a strategic review including no new cases, what will be the impact on the existing IVAs if the IVA "arm" is sold? Presumably the supervising IP is ultimately responsible and these arrangements cannot ...

Well, mb2, the IP is the IP and he/she is ultimately responsible for the lot and the buck stops with us. It is fairly churlish to blame errors on staffing, when putting together an IVA proposal for a client requires careful and diligent working by the IP themselves. After all we are fairly well pai...

Well that is unusual in itself - as the Nominee and the Supervisor are usually the same person! Which firm is your wife using? Regards, Melanie Giles, Insolvency Practitioner for over 20 years. For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegile...

Thanks everyone - I'll post feedback once the IP has completed the review.

Thanks everyone

You mention in your other thread that ANY surplus must be paid over to the IVA. I suggest you get in touch with your IP about this. I know that selling items on ebay don't give you a great return but I am sure that there will be a solution. Thankee Just writing the questions in my head as they come...

Whether or not you are charged statutory interest is down to the terms and conditions of your IVA. The reason the clause is there is becasue it is only fair that if you can afford to pay 100% plus staturoty interest then you should do so. The amount of this interest is not determined by the credito...

If you only owed one particular creditor £450, could I ask why you were not able to pay them straight off before entering into the IVA. The reason I ask this is that once you entered into your IVA, your IP would have told you to stop all payments to any of your creditors ie credit cards etc, which ...

If I sell any belongings that do not have material worth, such as say a pair of shoes or sunglasses on eBay, must I declare it? To me these are not earnings but disposal of belongings often for less than the original purchase price. I would be interested to hear thoughts of the experts...

Just finished my first year and I am completing my review documentation. My arrangement is 89p in the £ which I am happy to pay. In the remaining 4 years (the first went so fast), if I earn bonuses which is likeley, I assume that I will need to contribute additional funds to my IVA. If this is 50% ...

I earned a bonus last year but it was not declared. Had the money and put it to good use. I realise that this was wrong and I am completing my review now. What will the supervisor do when they realise this? There is no specific surplus %age. A single creditor (one that I owned £450 to - out of £74K...

I earned a bonus last year but it was not declared. Had the money and put it to good use. I realise that this was wrong and I am completing my review now. What will the supervisor do when they realise this?