Hi
can anyone please advise me whether we would be allowed to keep a work bonus to replace our existing vehicle which is a 'bag of spanners'?.
My husband is due to receive a bonus of approx £1500 & we could use this to replace his car as it is unreliable and leaves him having to regulary get taxis to work which works out more expensive.
Do you think we would be allowed to use this bonus for a car?.
I am aware of the 10/50/50 % clause under normal circumstances.
Many thanks
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
You'll have to discuss this with your IP - you might be able to do so but they are best placed to advise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
When you put this idea to your IP do mention that the loss of earnings due to not getting to work in a wholly unsuitable vehicle could at some point cause you to ask for a payment break or reduced payments to assist with public transport fees, which have just gone up.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Thanks everyone,
I have emailed my IP who has said he needs to know how much the bonus is (obviously) and evidence?
Does he mean evidence of the bonus?
Its so complicated.
You don't get much car for £1500 do you?
But IP makes us feel like we are getting millions of pounds!!.
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
I presume that's what he means. Just clarify it with them.
Hope you can get a new car soon.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Had a reply from IP he says that we would have to pay 50% of the bonus into the IVA leaving us with £750 to get a reliable car with!...what a joke.
He said that he could write to the creditors to see if we can keep the money but he said they would want to extend the term.
He has made me so angry that I replied No car,No job,NO IVA!!!
No skin off my nose to be honest!...sick of the hastle!
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
Reading your initial post, Your IP seems to have forgotten that you are entitled to keep the first 10% and it is 50% of the remainder as well. Another IP who can't do maths, a lot of them around lately
If life is what you make it, I must have been in a strange mood when I made mine
I am personally in a job that I hate and I only stick to it to pay into the IVA,I work 12hr days including evenings and weekends and i don't get much quality time with my beautiful young children.
Might just pack it in...stuff it!!
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
As this is a work bonus you are (IF you have the 10% deminimis in your proposal)you are , as you know, allowed to keep 10% of your normal earnings equivalent, THEN split the rest 50/50%.
So, again on the assumption that you DO get the 10%, your IP is already trying to underchange you!!!
But, still, they are being unduly unhelpful -- as, if you get a £750 - £850 car you will never get it to last the next three years reliably and this will be a false economy.
Who are you with, and did you speak to an IP or an admin ?
I would challenge this with an IP (remembering it IS at their discretion). If they won't budge, maybe a break can be agreed ( which will also have to be tacked on at the end of the term. ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
There seems to be a plethora of people who cant do joined up thinking! Did you speak to your IP or just one of his/her desk jockeys? I am amazed that Mel, Michael and Co who post on here get to understand the stress and hardship we put ourselves through to make the greatest return to our creditors, and I understand that it was initially our fault. But it makes no sense to make life and the ability to get to work to pay our debts a complete struggle.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Hi merlin
i spoke to my IPs assistant i think,who is very blunt.
Dealt with him before.he is very black & white about things.
I pay £471 a month into my iva sticking at a job that is very stressful for me and that i absolutely hate, but i do it to pay my iva.i dont want my iva to extend longer,no-one does do they?,but whenever i hit difficulties my ip threatens an extension. just males me feel like...whats the point?,might aswell pack in the job i hate go br and take my kids and go and live with my mum and claim benefits, but im not that kind of person. yes i admit i got into my original amount of debt but not without the help of the banks throwing plenty of credit at me until i hung myself!.
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
