iva

[samrose]

i am currently 12month into my iva and have just been asked for my last three payslips and up to date income and expenditure since last year i have earned a lot of ot but i do not no how long this will continue and i have not saved any of this extra money i have used it for decorating the house and to trtwat my wife and kids what will happen at my reveiw thanx

p rose

[MelanieGiles]

Hi samrose

Do you have the 50% uplift provision within your IVA proposals? If so, surely you were aware that you had to forward 50% of any additional earnings to the Supervisor at the end of the year!

In my practice we review these matters on a quarterly basis with clients, to avoid the very thing happening that you are reporting - that you have spent the creditors money.

I am afraid that decorating the house and treats for your family are unlikely to go down too well with your IP.

If you do not have the 50% uplift provisions, your IP is merely likely to increase the level of your monthly payments in line with your actual earnings over the last year.

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://melaniegiles.blogs.iva.co.uk

[Oliver]

As Melanie says if your agreement stipulates the paying of 50% of all overtime (quite normal in an IVA) then you will be requested to provide this money to your IVA. If this is no longer available then your IP should be able to spread the repayment of this over increased monthly payments. It is important to fully understand what position you are in with regards to extra moneys earned so this scenario does not arise again.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[aguise]

Hi Samrose
If you do overtime ring them each time you get paid and pay it then, this is what I do, but if you have the 50% then you are still better off by that amount, so its still worth doing, but at least that way you get no nasty bills at review, I also find it gives me a chance with ringing them each month to ask any queries that i have. So in the future may be worth asking if you can do it this way.
Hope this helps.

Ang

[Oliver]

Good advice from Aguise.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp