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Posted: Thu Jul 02, 2009 3:35 pm
by mole
I have been ploughing through my paperwork and found some intersting clauses.
The first one suggests that following each annual review I can keep 50% of any increase in DI. This is great as I thought that ALL increase in DI would need to be paid in. So assuming my income rises (above the rate of expenditure) the IVA should hopefully get more affordable!

Secondly, it says that the supervisor has the discretion to reduce my IVA payment by up to 15% per month. Does this mean if mortgage rates go up I can lower contributes? This is one of my big worries.

Finally, in all the detail of my IVA propsal, IVA chairman report and IVA standard conditions, I can see no clause relating to overtime. All I can see is the section on "after acquired assets". Where should I expect to see this? What does it mean if it is not included.

I know I have read my proposal before but now the IVA is in place and the dust has settled, I can perhaps review it more clearly. And advice would be useful. Suggest you all re-read your smallprint
Thanks

Posted: Thu Jul 02, 2009 4:04 pm
by Michael Peoples
I am surprised that there is nothing about overtime but if not so well and so good. After acquired assets relate to windfalls such as inheritances which would have been included in the arrangement had it belonged to you at the time the proposal was approved. It may be a stretch to say it incudes overtime as the section in the terms and conditions refers to 'Property'.

The 15% allowance is to prevent unnecessary variations such as when mortgage rates do start to go up again.

Posted: Thu Jul 02, 2009 4:14 pm
by mole
Thanks Michael thats great, definately no mention of overtime, even if they argued overtime fell into 'after aquired assets' it would allow me £500 per month which I would rarely breach.

With regard to variations allowed by my IP. If my payments were agreed to be reduced by 10%. Would my IP try to extend to agreement?

Posted: Thu Jul 02, 2009 4:19 pm
by ytsejam
swardean - you might want to check with your IP/their representative as to whether anything was included within the court papers. My IVA agreement did not inlcude anything about additional income, but when I spoke to the case officer, they confirmed that it had been included in the court papers.

Hope this helps

Posted: Thu Jul 02, 2009 4:27 pm
by mole
Thanks ytsejam, I think I have the court papers, but still nothing mentioned, I will double check though.

Posted: Thu Jul 02, 2009 4:31 pm
by back on track
ytsejam wrote:

swardean - you might want to check with your IP/their representative as to whether anything was included within the court papers. My IVA agreement did not inlcude anything about additional income, but when I spoke to the case officer, they confirmed that it had been included in the court papers.

Hope this helps
hows that work then if it wasnt included in proposal?
surely you can add things to court papers without prior knowledge.
especialy a arrangement thats likely to go on for 5 years and you dont know you signd uyp for it

Posted: Thu Jul 02, 2009 4:37 pm
by Michael Peoples
If creditors requested a specific dividend was to be achieved the IVA would be extended if you had not reached that amount.

Posted: Thu Jul 02, 2009 7:22 pm
by Endsmeet
My chairmans report never mentioned overtime and I have had this confirmed with my I.P. that I can keep all overtime monies and will not be asked for in the future against my IVA.

Guess that I'm a lucky one

Posted: Thu Jul 02, 2009 11:07 pm
by kallis3
You are lucky!

I have the standard 10% plus 50/50 but as I never work overtime (don't even get the opportunity!) it is unlikely to affect me.