www.iva.co.uk

Hi,just checking through our chairmans report for our IVA (which we have had for 8months) and also checking through the letters of acceptance of the IVA, i have read them cover to cover and there isnothing that mentions overtime,or even 50% of overtime,
the only thing that is mentioned is:

Windfall/asset/inheritance.

does this mean any overtime is our own?

Hi
It looks like that but a phone call to check with your IP would be the best option to be sure
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi Baz,

From what you have mentioned it seems you dont have to hand over any overtime. I would contact your I.P to confirm this as they may not have sent you the latest copy of your report.

Please let us know how you go with it.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

On the face of it, it would seem that all potential overtime will be yours. However, the best advice is to contact your IP so that you can confirm this with them.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Just out of curiosity, what would the circumstances be that an IVA Proposal wouldn't have this 50% overtime clause included ?.

I'd have thought it would be in there as a matter of course.

The reason i ask is that i don't recall seeing any mention of it in my proposal but just assumed i'd missed it somehow.

What about increase in income from a second job? That wouldn't be overtime. Is that in your proposal.

It should be same for everybody?

<<My motto:I am proud of black culture and is against racist bigotry>

Hi
I agree,such things should be standard for everyone.That's the one thing that I find so strange about the insolvency industry,it really seems to depend on how your creditors vote and amend your proposal on the actual day of the meeting and on how your IP interprets the various clauses.
In bankruptcy the various policies vary from one OR to another.
Very strange,and I do realise that insolvency solutions have to be flexible as no one case is the same but I do feel that certain things such as overtime,second incomes,equity,pensions etc should all be treated as standard accross the board.
Regards
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

It's coming, Andy, just be a little more patient as we IPs have now for the last 18 months waiting for the BBA and Insolvency Service working party group results regarding standardised protocol!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

There are the 50% pay to creditor clause on OT/bonus etc and the 50% on extra income in my proposal so I know where I stand and the IP wouldn't need to have to call a postal vote resolution or creditors meeting. But only compulsory if it is more than £500 - a strange mod- but I am not complaning

<<My motto:I am proud of black culture and is against racist bigotry>

i can see the 50% overtime clause becoming standard at some point so i guess if you havent got it in your IVA (as is the case with me too) we should count ourselves grateful! its been a lifesaver for me!

Most good IPs will not recommend an IVA to you if you could afford to pay your debts in full over say a five or six year period, but Andrew makes a good point about affordability. Do make sure that you come up with a monthly figure which you really believe you can pay, and then see what options there are for you.

If you have no assets, also bear in mind that bankruptcy proceedings are also available to you, albeit morally you may feel better off repaying your creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi
I think Melanie's reply relates to this thread
http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=7331

Gremlins in the system or a slip on the keyboard ???

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Definately gremlins!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp