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Posted: Sat Sep 05, 2009 11:50 am
by IVA2008
Hi I am in second year of my IVA can I buy and sell shares.
Many Thanks
Posted: Sat Sep 05, 2009 12:18 pm
by kallis3
Hi,
Not sure about this - if you can use anything left from your allowances to buy shares then you may be able to, but other than that I don't know.
Hopefully one of the experts will be along soon to advise on this.
Posted: Sat Sep 05, 2009 1:47 pm
by plasticdaft
Do you own the shares already and were they offered to creditors as part of your IVA??
Posted: Sat Sep 05, 2009 1:53 pm
by kallis3
If they were owned pre IVA, then they should have been offered as part of it.
If you buy them with any savings and you sell them during the IVA, I would have thought that any profit should go to the IVA.
Posted: Sat Sep 05, 2009 1:58 pm
by MelanieGiles
There is nothing to stop you buying and selling shares during an IVA - if the purchase is to be funded from funds which do not belong to the IVA. Do note, though, that any profits made on the sale will be deemed to be windfalls.
Posted: Sat Sep 05, 2009 4:28 pm
by bankbonus
I suggest you put the money in a 5 yr long term savings account at 5% AER. If your are determined to play this share dealing game, your profits[as said] some will end up with creditors...what is the point???
Posted: Sat Sep 05, 2009 5:03 pm
by kallis3
Buy the shares and then keep them until the end of the IVA. You should then not have to pay anything across to the IVA.
Posted: Sat Sep 05, 2009 6:24 pm
by Adam Davies
Hi
It could be argued Jan that any gain in value of the shares will be seen as an asset and payable into the IVA. Interesting to see what Mel has to say.
Regards
Posted: Sat Sep 05, 2009 6:29 pm
by kallis3
Would they force you to sell them during the IVA Andy?
Even if they did, any extra which could be paid to your creditors has to be good.
Posted: Sat Sep 05, 2009 10:55 pm
by bankbonus
Good point Andy man, shares can increase in their market price and are in essense asset wealth and dividends are paid to the holder...so in 5 years you could recieve ten dividend payments...its income and taxable....50% uplift means half goes to Ips. No buts about it.
[I don't call myself Bankbonus for nothing]
Posted: Sat Sep 05, 2009 10:57 pm
by kallis3
I'd probably do what another poster was going to do earlier in the week - buy some premium bonds!
Posted: Sun Sep 06, 2009 11:32 am
by MelanieGiles
Yes - an increase in share values over the course of an IVA could be classed as a windfall.
Posted: Wed Nov 18, 2009 6:29 pm
by roberto
[quote]Originally posted by IVA2008
Hi I am in second year of my IVA can I buy and sell shares.
Many Thanks
I had an interesting, if not expensive, predicament when I applied for my IVA. I am part of a Company Employee Share scheme, which i have been for several years. After five years, the Company buy back any shares bought by the employee at the current price. This year the Company paid me just over £2000, which I have had to forward directly into my IVA. I will have to do this for the next five years, as I have only just started the IVA. Gutted or what? Needless to say I have dropped out of the plan now.
Posted: Wed Nov 18, 2009 6:52 pm
by MelanieGiles
This should have been highlighted to you prior to entering into the IVA, but I think creditors would have still wanted the money to be paid over.
Posted: Wed Nov 18, 2009 7:16 pm
by roberto
[quote]Originally posted by MelanieGiles
This should have been highlighted to you prior to entering into the IVA, but I think creditors would have still wanted the money to be paid over.
Indeed it was Melanie, and I respect that decision.I still believe that the IVA was the way to go!