www.iva.co.uk

Hi All
I spoke to someone a week ago at GT about an IVA, she took all my details and seemed happy with everything and said the offer was a good one , so i've sort of been a bit more at ease over the last week thinking everything was probably going to be ok
This morning they have rung and said they had received all the paper work and the next step was to have a meeting with a senior advisor( can't fit me in for a week) who would go thro the options with me and if we are both happy they would then put forward the proposal. I'm now panicing incase they won't even put the iva forward. Would they have asked for all my paper work etc if they weren't going to do the proposal?
xx

Hi Tamzin, I think it's a pretty normal process and that they have to ensure that you are completely aware of the options including if an IVA is the best option for you. (during my IP meeting I was told that I had a very strong case for BR that I should consider for instance)

Don't panic everything will work out ok.

Phew!!!
Glad its the normal process
I have a couple of other questions if anyone can help

My husband sometimes works overtime but were not getting our heads round the 10% then 50% bit. Is it just a case of you get 60% and they get 40% or are you allowed to earn 10% of your salary before you start paying the 50%?

Also my major creditor is Natwest. Been avidly reading the forum but no-one seems to mention them. Does anyone have any experience of how they respond to missed payments and IVA

[:D] XX

On the extra earnings it will depend on how it is proposed I think, mine is I keep the upto first 10% over my monthly earnings and then split the remaining 50/50 to clarify:
If earnings where £1543 a month
and you earn an extra £323 that month
you would keep the 10% being £154.30
then split the remaining £168.70 50/50 providing you an extra £84.36 and paying an extra £84.36 into your IVA.
So in total you would keep £238.65

(Can someone verify my sums there )

It's important that you notify your IP about the extra and set it aside each time ready to pay in.

tele2002 your figures are correct. Tamzin you are in safe hands with GT and the meeting is only to ensure you are fully aware of the process. As for Natwest there is no real issue as they use TiX to vote for them as do many other creditors. Good luck to you both.

Thanks for clarifying
The overtime seems really generous my hubbys normal net wage is about £1750 and he usually earns about £200 o/t so we would get to keep most of it
[8D] x

One more thing what is TIX?

The Insolvency Exchange. They vote for a large number of the banks in IVAs and variations. They also monitor the payments and the annual reviews.

Thats great news, and yes based on your figures you would only be giving an extra £12.50 to your IVA, but make sure you do set it aside and that those terms are stated in your proposal when you read through it. I've seen people who have come to an annual review and been told they need to pay £XXX because they haven't accounted for it when they were paid the extra.

G

I've heard that Natwest are quite a "friendly" creditor.

Fingers crossed for you

I havn't seen any mention on the forum of Natwest being unreasonable.

hey tamzin

its natural for you to feel panicky-this is a very stressful time for you.

im sure you are worrying unecessarily because they wouldnt be wasting their time preparing your documents for an unrealistic iva.

if your ip has confirmed you have made a good offer then you have sone the best you can.

please put your faith in your ip.

as for natwest i wasnt with them but their sister company RBS were very good to me .you will be fine

please keep posting so we know youre ok FD X[:)]

Thanks all
Always feel better when iv'e heard from you
will keep posting
best of luck to all xxxxx

I thought I had my head around this overtime business, but I am confused now.
Is it first 10% of OT or first 10% of salary.

My husband earns £1800 a month. If he were to pick up £2200 would the 10% be £180 (10% of salary) or £40(10% of OT).

Very Confused!!

£180 its 10% of salary