Just picking up on this! How much is the rebate? Under £2000 they can or you can ask for this to be put into your tax code for next year. That way it is not a windfall. It is ideal if you are paid the dame every month but have the 10% clause on pay as this would show as extra income. Alternatively your I&E would be altered for one year to reflect the extra income.
Check your terms sometimes windfall below £500 you can keep.
All I would say before you accept any payment make sure HMRC figures are correct with your income for last 5 years - the only they will likely to be spot on is if your are PAYE and have been with the same employer for last 5 tax years.
The road is 72months long starting September 2010.
I think this asking for a change in tax code instead of a rebate is very shakey grounds as its tantamount to not disclosing an asset. As soon as you are informed that you are entitled to a rebate you MUST inform your IP,and discuss the way forward.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
how can the creditors claim it all?
you lost money by paying in more tax and the creditors lost a bit becourse of this.surely it must be split both ways.
cc received 6th January 2014 now upwards and onwards
Its one downside to an IVA ,but where creditors allow you to repay what you can afford and they agree to stop interest and charges,and frequently write off a large portion of debt,they also expect to get their hands on any unexpected cash that comes your way.
We cant have our cake and eat it,and while it may sound unfair its all part of the deal you sign up to!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Its always going to hurt badly and people who know they may end up with a windfall from losing a relative etc must think carefully about being in an IVA, and either ask to not be left anything other than a sentimental item,or ask for your kids to be left money etc in trust.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Altering a tax code is as I see it perfectly fine. In fact HMRC are actually allowed to do this rather than giving you a cheque lump sum if under £2000. I can't see anything wrong with this at all. Yes I agree on paying as much back as possible but this is a win win situation. As this can be done is law I'm afraid the IP and creditors could do nothing about it.
The road is 72months long starting September 2010.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by langerbridge
To Paul legally this isn't actually an asset.
I think the term is an after aquired asset.
And to not disclose it but to instead take an adjustment to your tax code is the same as handing a winning lottery ticket to a friend and having them drip feed you enough cash per month to not bother your IP with.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It is an asset and Paul is correct in his advice on this thread. The repayment was due at the time of the IVA, and the proceeds should be paid into the IVA for the benefit of creditors.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
