Hi - my husband's work has won a contract meaning overtime we know that we have to pay 50% of what he earns extra but don't know how to pay it i.e weekly, monthly, by cheque - the company we are with are not sympathetic and we feel uneasy asking them. We are also overdrawn nearly every week, going round in circles trying to catch up so will struggle to pay the 50% - is it worth talking to someone else in the company?? Thanks for your help
It is usually pain over monthly (most proposals say within 14 days). Is hubbie paid weekly or monthly ? Also check your paper work to see if it is a straight 50 / 50 split, or if you also get the 10% disregard.
Regarding your company --- sometimes it's worth speaking to someone else if you don't get on with your usual contact. Which firm are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Such a shame to read a post from someone who doesn't even feel comfortable picking up the phone to speak with their IP. If yoy have on-line banking, I would transfer the additional funds earned each month - or weekly if that is how your husband is paid. And if you are permanently overdrawn - hopefully with the credit limits allowed under your own IVA - then it strikes me that an interim review of your income and expenditure needs to be carried out, as your allowances are clearly insufficient compared to what you actually spend.
Don't be intimidated by your IP firm. We should all be available to help our clients, and I would be mortified if any of my own clients felt this way about calling our office.
Hi, I would definitely ask for a meeting with your IP to discuss why you're overdrawn it may be that your I&E is not set correctly. You will also need to know how to pay over the uplift payments. Do you have the straight 50/50 clause or can you retain 10% then split 50/50 worth checking that too. Ask for a telephone meeting to discuss these points as you should not be struggling so much as allowances for all things should be made and to confirm how to calculate and pay the uplift when it becomes due. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Mel, this is becoming increasingly common. Apart form being made to feel intimidated when contacting our firms, we are routinely denied any form of access to our IP's.
I am afraid many firms now regard the creditor as client and the debtor as cash cow, due, in my opinion, to the trend to make fees percentage based.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Debrodge46. Welcome to the forum. I didn't have any guidance in my paperwork and used to work it out myself and send it each month. However, Payplan then told me I was paying too much, so I then just sent them my payslips monthly instead of quarterly, and they then wrote/emailed to advise me of the amount. I am concerned to read that you are having to rely on your overdraft to manage, as in effect you are using debt to get you through your IVA. That must be worrying for you. I would urge you to swallow hard, take a deep breath and get onto your IP ASAP to explore your I & E. Your IP won't want your IVA to fail, so it's in all parties best interest to try and make it work. Good luck. x
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
It is a shame that this is becoming a more common issue Foggy - and this makes the choice of IP firm in the first place of paramount importance in my book for a successful five year experience.
I agree Mel, unfortunatly quite a few of us are finding it doesn't matter who we chose we get passed on to another firm when they sell on theire IVA portfolios. So doing our homework first and finding someone we want to stay with for 5/ 6 years doesn't seem to work these days.
If life is what you make it, I must have been in a strange mood when I made mine
It is unfortunate that many firms appear to operate with too few IP's for the number of cases they are happy to take on,meaning that actutally getting an email reply directly from an IP is nigh on impossible.
As Peejayel rightly points out even picking the right company to start with counts for nothing with it being commonplace for portfolios to be passed around from firm to firm.
Why cant all companies operate with the standards set by Melanie and her team? They can turn a really horrible stage in ones life into a manageable period just by being on the end of a phone!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi everyone thanks for advice - hubby is paid weekly so I was thinking of taking the extra out each week to send them. I am going to ring them this week now all the festivities have done and maybe speak to someone else. I'm with Mitchell farrer we were fine in our first year but this last review we had problems, them saying they have not received pay slips etc, we have a new contact gone down hill since then! Will let you know how I get on thanks again I appreciate any advice given x
Hi Foggy i was thinking the same thing last night, i'm going to ring them later about everything and i'm going to suggest that i scan them over - at least that way there is no excuse for not receiving things!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
It is a shame that this is becoming a more common issue Foggy - and this makes the choice of IP firm in the first place of paramount importance in my book for a successful five year experience.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
It is usually pain over monthly (most proposals say within 14 days). Is hubbie paid weekly or monthly ? Also check your paper work to see if it is a straight 50 / 50 split, or if you also get the 10% disregard.
Regarding your company --- sometimes it's worth speaking to someone else if you don't get on with your usual contact. Which firm are you with ?
