www.iva.co.uk

had the date through for our creditors meeting.
tuesday 8th may at 3.30pm.
puts me in a small dilemma.
my salary is paid on the 6th of the month, which, in may, is a
sunday. this means, due to the bank holiday, the money should go into my account on the tuesday, the same day as our creditors meeting.
sods law, we are due a small bonus in may.
if our iva gets the nod, are we in iva from that date and would i have to declare the bonus to ip?

Hi there
I think the answer unfortunately is yes, but speak to your Ip. I try to look at the extra I pay as ok because without the iva it would have all gone on bills whereas now at least the 50% goes to us. We do a lot of overtime and pay the extra each month but its still worth it as we now get the benefit.

Ang

Had another thought maybe if it is paid on the 6th before the meeting then may be ok. If my hubbys wages are due on a sunday they go in the bank the friday before. Either way the Ip is the best to ask but hope ou get to keep it.

Ang

Hi I think it would be best to tell your IP as if when you have your yearly review this will show up from your payslips bank statements etc, if they say you can keep it then it is all good if not then at least at the end of the year you are not looking to find the extra.

(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

Hi
The correct technical answer is to ask your IP,however I think that you may be ok here.Your first payment will be due on the 8th June and you will be paid again by then,also technically you are not in the IVA and bound by it until it is accepted on the 8th.
It depends on how you feel about it,I personally would put it to one side and plead ignorant.You are unlikely to be asked for your May,s wageslip,it is more likely to be June onwards.
Don,t spend it until you have had your first quarter payslips reviewed and ok,d by your IP.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

I dont entirely agree with Andy's response, if you declare it with your IP and they say you will not be required to pay 50% then you can spend it without feeling quilty howver it you plead ignorant about it and it turns out that you do have to pay 50% then you will need to recover that money from somewhere and as we know there is very little income available in an IVA it does depend on the size of the bouns too.



(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

Hi
Thats why i said not to spend it until you have your wage slips OK,d by your IP.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

thanks all.
i didn't realise that our first payment would be in june, i thought it would go out straight away, as we have already given them the money for it.
i think i will mention it to ip, if all goes well, it may play on my mind otherwise.

good luck for the 8th olympic torch

LILY

fly me beyond the distant star, I will wish on tonight to see you smile just once more to know youre there.

thanks lily.
i have a feeling its going to be a long 14 days.
probably no different from anyone else who has been through it.
loads of questions spinning round my head etc.

Hey

You have done your best and can do no more. We will all be sending posirive thoughts your way. Hang on to these positive thoughts.

LILY

fly me beyond the distant star, I will wish on tonight to see you smile just once more to know youre there.

as a cathartic exercise, i thought i would lay my debts before you all, just to see if anyone has experience of the way they vote, i know every iva is different, just looking for some cyber hand holding.

creation finance 4965.00
marks + spencer amore card 7251.00
empire stores 786.00
reliable collections 1547.00
lloyds overdraft(mrs torch) 670.00
littlewoods 756.00
great universal 996.00
mint 5625.00
ace 1155.00
lloyds credit card(mrs torch)9984.00
lloyds loan(mrs torch) 3972.00
ge money 1180.00
b+q storecard 1740.00
lloyds credit card (me) 14076.00
lloyds overdraft (joint) 4249.00
la redoute 492.00
evans storecard 1675.00

good luck for the 8th torch will be thinking of you.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

thanks kerri.
nice to know people care.

Good luck with the meeting, my main creditor was Lloyds and they voted yes to my IVA, though they did want a slight increase in payment, but waited until the last minute to request it, IVA was accepted at 46p in the £, with LloydsTSB having £25k of debt from a total of £60k. From what others say, LloydsTSB seem to be OK.

Cheers, Mark.

IVA accepted, so 60 months to go!!

My one bit of advice, if I can do it, so can you!

View my IVA story blog at: http://sopty.blogs.iva.co.uk