www.iva.co.uk

When my hubby gets a payrise it can take a few months to come through and then he;ll get a lump sum of the arrears, if this is under £500 does it then come under the £500 windfall clause?if it does can we keep it or do we have to pay half into the iva ?[?]

Hi there thanna

It will depend on the terms of your iva as they are not standard for everyone.
Dig out your proposal and chairmans report and have a look through, otherwise phone your IP to confirm.

Emma

Thanks Emma its a bit of a minefield!

It really can be!!

If its not clear on your proposal or chairmans report I would ring your IP to get clarification to make sure you know where you stand[:)]

Emma x

Ok here goes :in the eventthat i shall come into possession,or be entitled to do so ,of any monies or goods of realisable value by way of wind fall or inheritance or any other means(other than receipts of an earned income nature)during the currency of the arrangement such monies,goods or property shall come under the jurisdiction of the supervisor to be realised and distributed among the creditors so does this affect arrears of an increase i imagine it does????

All I will say is with it being a payrise - surely it shouldn't matter when it is paid? The arrears are payment for the months you should have received it, and are not not extra. If the payrise had been paid right from the word go, this would not have been a problem.
Personally, I don't think this would come under the windfall umbrella. I would think that it would be taken into account with your annual I&E

I think you would most certainly will have to pay half of this to your IVA but make sure you put down any extra expenditure you may have had, i had a small pay rise shortly after my IVA went through but soon after it was eaten up by extra expenditure so neither me or my IVA benefited from my pay rise.

This is income rather than a windfall and falls under whatever provisions you have in the IVA for increased payments.

Thanx guys once i read over all the documents i sort of thought that would be the case[:)]

pm5 the samething happened to us last year i put up the payments myself when my husband got his payrise by half and then the price of oil shot through the roof

Hi thanna, so has everything else shot through the roof, food, fuel etc.....

U said it!!![:)]