www.iva.co.uk

I am feeling truly peeved today. A few months back I managed to forward 2 windfalls over to the company who manages my IVA. I decided to contact them today to see if I would still need to pay an additional £915.00, they said was owing due to bonuses and overtime. I was truly surprised and irritated when informed that I would still need to pay this amount considering the windfall totalled £7000.00.

Am I the only one who can see the injustice of this? There is sufficient funds available to settle the £915.00, and still be left with change to distriute accordingly. I simply do not understand.

I am coming to the end of my 3rd year and at no point have I ever viewed my IVA as a burden, but to be quite truthful I am viewing it as a rip off. Yes, I have been helped out of a situation for which I am truly grateful, but I feel my company is bleeding me dry, left, right and centre. It is so unfair

Regards

Linda

Wow I personally would have thought that your IP would have settled your £915.00 from your windfall, but thats just me thinking logical, I expect a professional will advise you correctly.

Regards Lee

When you say there was enough to pay off the £915 and be left with change to distribute, do you mean that the windfalls cleared your IVA in full? If you have paid 100p in the pound and IP fees then the IP has no grounds to keep the money.

If the windfalls didn't clear your IVA, then unfortunately your IP is correct in keeping the money and asking for the £915.

If the terms of your IVA states that all windfalls must be paid over, and that you have to pay 50% of over time then there's not a lot you can do I'm afraid.

I agree with Skippy. Windfalls are totally seperate to normal payments and just mean that your dividend will be greater to your creditors.

If you owe money on your normal payments then I'm afraid you will still have to pay it.

Thank you for the advice, I just felt really confused at the time of writing my post. I assume if there is an increase in my dividend to my creditors that would mean my IVA should finish sooner rather than later.

Regards

Your IVA will only finish early if you pay back 100% of your debt plus IP fees, but obviously windfalls and extra payments count towards this, so good luck!

Your IP is acting entirely correctly, in accordance with the terms of the IVA proposal you agreed to at the time of your creditors meeting.