When they look at your budget and essential outgoings etc then work out 'surplus' does that whole surplus get nominated for the IVA payment??
Due to my maty leave and fluctuating income our surplus changes at various stages in the next year.
I was told that whatever plan they put forwards its best to plan for the 5 years now rather than changing it frequently.
So my question is if out surplus is one value now, then drops due to SMP then increases again once im back at work will they expect every penny of our surplus to go into the IVA payment or will they take a percentage or a fixed value lower than surplus which will give us more contingency money?
Im waiting to hear back from lady at payplan whos drawn up out In/out budget as shes put my husbands incom down as more than what he actually brings home despite the figure Id told her over the phone when went through it all. Not happy about that coz that will affect the whole thing!!!
Anyway, she reckons we will have £691 surplus from jan til july, then only £84 from july til oct (while on smp) then £577 from Oct when im back at work and have increased childcare.
Will the plan take the whole amount as part of the plan then? thats nearly as much as we are paying out now on DD so dont see how it can be 'affordable' when we are in the situation we are in.
I was told that whatever figure she puts in th eplan now should stay stable for the duration of the plan and not fluctuate so we were expecting more a ball park of £500/mth from the start??
I guess we need to go through the income/out goings with fine touch comb and be sure it is correct from the very start because if take on a too big payent to IVA then we are going to be doomed to failure.
Whoever usually monitors it over the 5 years so nobody can see into the future as to what will happen You could lose your jobs and not get another etc Let the advisor guide you to what you can and cant have for expenses and think of as much as possible to put in your need pile of things and dont cut it too fine and leave yourself struggling from the start
As you go through the 5 years you may have more surplus cash or less cash and then you have to take breaks in payment so dont jump at the first figure as its ok now when things are good its got to be affordable is the main criteria
If they told you that initial calculation will remain stable over the 5 years, they are talking out of where the sun don't shine! As yout income and expenditure fluctuates, so does the payment (usually upward, but IP's do have the discretion to reduce if needed, by a certain amount.
I would strongly suggest you chat to another couple of companies.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sorry but im going to give my opinion here... i suggest you speak to a few more ip's, this is exactly the problem i had with payplan when i was going through figures with them.. if i had stuck with them my iva would have been doomed from day dot!! Please get some more advice from other companies as this is a 5 year relationship you will have with them!
We have gone through her statement with fine tooth comb and made drastic changes. She totally over estimated income. If we'd just agreed to it without looking (irresponsible to start with) it would be doomed for failure. She put child benefit down as income at some bizarre value! considering that is set in stone by government its not difficult to work out how much familys get!!! I have emailed her back with the revised (realistic) income figures.
I have looked at cleardebt. Are there sny particular companys you would recommend we contact to get another proposal? Bit scared of going through process with someone else but guess done hard bit by working out figures already.
You clearly need a more flexible plan that the one you are currently being presented with. There should beno difficulty in building in provisions for your reduced income during your period of maternity leave, and then providing for a further review when you return to work. Why not try to speak to the insolvency practitioner directly if you have any real concerns about the presentation of your figures, and don't sign up to anything you are not happy with.
Abbiesmum, might I suggest you give Mel's team a call -- they are, I am told, lovely to speak to and, I know, they really know their stuff as well as care passionately about their clients.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Totally agree with Foggy, I am with Mel's team and they took over everything when i was in the same situation with Payplan as you and they have been absolutely fantastic, caring, understanding, non judgmental - just fab x
Abbiesmum , call Mel`s team, they are lovely! Remember you are going to deal with your IVA provider for 5/6 years. You need someone who you can trust and that you can feel confortable with.
lulu
Thank you. Mel i have completed your online form with in/outs based on the figures precisely we have used already to get clear comparisom. I look gorward to hearing you/team. I read that IVA payments are quarterly?? Is this right?? I presumed it would be monthly?
I'll be happy to give you a second opinion. I've just received your form and will e-mail you directly to see if we can have a chat over the weekend. You are correct in thinking that IVA payments are generally paid quarterly, but I do have some clients paying weekly and quarterly so whatever suits your budget really is fine.
