what now?

[poso]

I have been accepted an IVA... this is great stuff...

But things are coming in my mind now... I know I should have thought about this before:

1)- What about if I am made reduntant or if I fall sick and I am unable to pay?
2)- I can't save any money at all as my IVA are asking 50% (try to save)?
3)- Is there any IVA Protection Plan?

How all this works?

thanks for all your help

Poso

[iva experts]

Welcome to the Forum Poso,

Congratulations on your IVA being accepted, this is the start of a new debt free life.

If you are made redundant or are off sick for a period of time, you must let your I.P know. Depending on the terms and conditions of your IVA you may be allowed up to 3 payment breaks which can then be tagged onto the end of your IVA or made up by paying a little extra each month. If it is longer than this then the creditors will need to know and possibly a variation meeting held.

Check your report again, it usually states 50% of overtime/bonuses/commission but not on money that you save. If you have money left over each month you are more than welcome to save that.

Hope this helps [:D]

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[poso]

Hi there...

Thanks for your reply..

the documents do state the 50% etc... And I am aware that for bonuses I have to give 50%... I am cool with that... I did call them yesterday asking them regarding the money i save ie: £100... they said they would like £50 of that...
I thought it was a bit cheeky to be honest with you

[iva experts]

Very interesting, I have heard of creditors wanting savings that have been accrued up until the IVA starts but not a percentage of what is saved through the IVA.

Usually there should be a contingency provision in your expenditure where money can be put aside incase of emergency (car breaking down, school trips etc).

Out of interest who were your creditors that voted?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[poso]

LLoyds..agreed to the IVA.. As I had most of my debt with them.. Loan, overdraft and credit card.. the rest. MNBA, Barclays and Monument voted out..

[Adam Davies]

Hi
Absolutely no way do you pay over any saved money !!
As long a you are making the agreed 50% of overtime and bonus,s you are free to save any money that you can.
I would guess that you spoke to a person who is not fully upto speed on IVA issues,a classic case for further training I think.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[poso]

Let's say for the sake of argument... If I save £100 this month... and £50 goes out to being added to my repayment... and save £100 the following month obviously I will have £150... on my account saved... then I should give £75 to the IVA and so on???...

Does this make sense?... this is what I don't understand...

[Adam Davies]

Hi
John Tegg from www.asu4iva.co.uk can provide cover for your IVA payments in the event of sickness etc
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[poso]

Thanks Andy...
I didn't speak to my supervisor but the first person who grabbed the phone....

Maybe you are right...

Poso

[Adam Davies]

Poso
If you manage to save some money then it is yours to keep.As long as you have declared the correct income and pay the 50% of overtime and bonus,s then IT IS YOURS.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[poso]

Yes I have!!..

I don't get paid for overtime but I do get a yearly bonus... which I am aware to share with the IVA...


Poso

[Lisa2009]

Anything you manage to save from your contingency is YOURS to keep.

[iva experts]

I would advise that you contact your supervisor and clarify this, as it will need to be clear so no suprises come up in the future.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[poso]

HI there
I think you are right... I should clarify this asap...
I feel relived thought that I am not connected directly with those vultures anymore...

Poso

[sonyse2t5]

Some people walk to work and save the fares etc, so they can keep those...it would be robbery to give any savings from your IE Plan to the creditors...you will always need it one day....who ever told you about giving up 50% of the saving shpuldn't be in the job!! Damn bad advice!