www.iva.co.uk

Having just had to hand over just under £2500 to pay into my IVA, from a work lottery win [:(] and whilst I am fully aware, before someone puts me right, it is morally the correct way to 'pay back everything I can' to the creditors, I will be totally honest, I am absolutely gutted to part with it, changing my car would have been handy as my current car will never last to the end of my IVA!!I have never, ever had a cheque for that much in my entire life,and at the risk of offending people, I really, genuinely hope I do not come into any more money in the next 3-4 yrs!! However,whilst checking my proposal just to see if I could keep just a small amount (it was a big fat NO!!), I noticed the section 'SURPLUS'.....so then.... if at the end of my IVA after paying costs and dividends,there is surplus left over, my IP can refund this to me??? So why it is not split between the creditors so they get that bit more money, kind of contradicts us all having to hand over any other monies we might be 'unfortunate' to get whilst in an IVA, I don't understand how there can be any surplus funds when I regularly read about how we have to pay back as much as we possibly can, right??

I would take surplus to mean any money left over once you have repaid your debts in full and IP fees.

Hi oscarsmum1. I'm surprised you weren't allowed to keep £500 of your windfall, so maybe it's not a standard clause in IVA's. I interpreted it in the same way as Skippy. Well done you for declaring it and contributing more than anticipated so far. x

The £500 windfall clause normally means if you win/receive £499.99 you can keep it all but £500 or over and the whole lot has to be paid into the IVA pot.

Oscarsmum, I commend you for your honesty and whilst I agree with everything you have said, I too would have been absoulutely gutted at having to hand it over. Just a point though, did you run past your IP the situation with your car... if so, were they not interested in the slightest, about helping you to ensure that you have a reliable car, to see you through to the end of your IVA?

My IVA company are aware my little car is 12 years old and due to working shifts and the stupid times I have to start/finish I do need it, I live alone so have no one else to rely on, luckily the recent things which have broke on it recently have occurred on my days off but sods law is it aint always going to be the case, however my supervisor could only suggest a payment break as and when its becomes serious! I am grateful for my IVA and the 2nd chance I have been given but now and then I just get a bit fed up of everything and was sad to see the money go but one must plod on and deal with whatever is thrown at me I suppose!

Hi Oscarsmum, i would be feeling your frustration too, i won the staff lottery a couple of years back to the tune of £500, was honest and owned up to having won that money and initially was told it had be paid back, however Declan ( lovely chap) intervened on my behalf as i needed a new mattress and was allowed to keep it. Could you not ask for a small amount at least to see those repairs, i too like you work shifts, up at silly o clock and getting home gone 11pm on some evening's so need a reliable car. Good luck i hope that because of your honesty something will come back to you. xxxx