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I have received my proposal from my IP (i.e. the one that goes to the court) - is this what the creditors vote on? i.e. whatever is in that is what they go with unless they vote for modifications which I accept?

For example, if there was no mention of 50% of overtime going to the creditors within the proposal, then I wouldn't be bound to pay over 50% of any overtime?

I'm just trying to understand the system a little bit better!! [:)]

If the agreement doesn't include a clause that stipulates that you will not have to pay 50% of your overtime your IVA it is possible that you could keep this. The best way to be sure is to ask your IP.

Best Regards
Oliver

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

So, the proposal that is submitted to the courts is what the creditors vote on? There's isn't a separate agreement or anything?

The best way to find out whether this is correct about Re: overtime is to call your I.P and confirm that the proposal you have in front of you is correct.

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

OK thanks - it isn't actually a specific question, as overtime isn't really an option where I work - was more a general query, as I have heard a couple of different questions on here and was just wondering how the system worked.

Hi
I think all proposals are sent in with no reference to overtime.The IP will wait for the creditors to add the overtime modification and I think this is why we see some IVAs without the 50% overtime clause.
Regards


Andy Davie
IVA.co.uk Spokesperson

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

Thanks!! :)

Andy,

This is partly what the IVA protocol is all about.

Amongst other matters they are working to a standard proposal that will include a provision on overtime.

In the meantime, TIX announced that they would require certain standard clauses in "TIX compliant" proposals and the inference was given, back in September, that if you didn't comply they might vote against.

It hasn't happened yet, as far as I am aware,but we took the policy decision to include it as a standard clause in our proposal anyway, which I think that most IP's did.

There may be a few practices that don't include the provision for overtime in their proposal but I suspect theere won't be many.

I agree - we have opted to follow the TIX compliant model, just to avoid having to keep typing out modifications after modification each time we do a Chairman's Report. But this in only done where TIX have an influenging vote - so we now have two types of proposal - TIX and non-TIX!

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

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Hi Mel
I noticed that the protocol is suggesting an affodability of 50% of disposible income for equity releases,whereas TIX is 60% at present.
Will TIX reduce their figure or are you going to have
"protocol compliant IVAs" and "TIX compliant IVAs ?"
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

I think that there will be a global agreement between TIX clients and the others. Personally I do not feel that the 60% is necessarily unfair, and as I have said before I feel that TIX's protocol on the matrimonial home is clear and helpful to the debtor.

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