www.iva.co.uk

we have been in our iva for 24mths we were not told about the 50% only when our iva meeting was sucsefully completed i feel we have no choice as to pay we have falleln behind with the 50% and are trying to play catch up which is inpossible can we re-negoiate with our ip if its poss to pay etra contrubutions and forget the 50%.

Hi
If you are behind then you could ask your IP to extend your IVA by a month or two to catch up on the arrears.
Going forward it is best to send off 50% of any overtime/bonus earned as soon as you receive it
Regards

Hi Nemo ... welcome to the Forum.

What a pain for you ... but that's good advice from Andy. Once you have caught up with the arrears then it would really be a good idea to put the 50% aside as and when it arises and send it off to your IP so that you keep on top of things. It can be sressful enough trying to live within the IVA sometimes without adding more stress for yourselves.

Good luck.

Debbie

Thanks for advice andydavie do you know or any one if 50% can be dropped or is it something that has to be paid into an iva.

its in our charimans report so I think it must be paid over.. its extra income

Hi nemo
It will be in your proposal, it cant be dropped without the approval of creditors. We have the same and to make life easier and to save worrying ,we pay our 50% in each month (we do get fairly regular overtime. It may seem harsh to have to pay it in but, I do view it, that we used all ou rovertime before to just stay afloat with the bills, now at least we really do feel the benefit of that extra 50% that we get to keep. Before it made hubby ill knowing that he had to do it for us to survive, he does it happily now knowing we get the advantage of that bit extra for the odd treat.

Ang