would i have pay this all into my iva?

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susey

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Post by susey » Thu Oct 23, 2008 8:56 pm
hi can any body help. i received back last month for july and august after t and i £113 would i have pay this all into my iva or just 50% as this was for before my iva was accepted

thanks for any advice
 
 

Lisa2009

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Post by Lisa2009 » Thu Oct 23, 2008 8:58 pm
i would have thought an ammount as low as that from before the iva was accepted would be yours to keep but please wait for one of the technical experts to reply.
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MelanieGiles

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Post by MelanieGiles » Thu Oct 23, 2008 9:35 pm
It really does depend upon the terms of your own IVA, but if the money is received after the IVA is accepted then any provision to pay over additional earnings will be captured. Hopefully you may be able to retain the first 10%.
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David Mond

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Post by David Mond » Fri Oct 24, 2008 12:59 am
I thought only 50% - depends on the wording of the Proposal
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
 
 

Adam Davies

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Post by Adam Davies » Fri Oct 24, 2008 9:25 am
Hi
Wouldn't life be easier if every IVA had the same clause relating to overtime and commission payments ?
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ianmillington

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Post by ianmillington » Fri Oct 24, 2008 9:53 am
Yes it would, Andy, although I think we are heading towards some kind of consistency now.

Susey, look for the overtime/bonus clauses in firstly your proposal and secondly your Chairmans Report. Which clause do you have, it will be one or the other (or both!)as follows:

1 50% of any increase in net disposable income
2 Keep first 10% of any increase in take home pay then pay in 50% of the remainder. This means if your normal take-home pay is £1130 or more, you will fall below the limit.

Were you aware that it was coming? If not, then it may also be open to you to argue it's a windfall which will probably have a higher de minimus level than £130. Again, you will need to check your proposal.

Once you have checked everything out, and you have a clear view of the situation, then contact your Supervisor to firstly disclose it and secondly to confirm what happens.

Ian
Last edited by ianmillington on Fri Oct 24, 2008 9:54 am, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Fri Oct 24, 2008 10:05 am
Life would be so much easier if we had consistency on a lot of things - fees, equity in property, uplifts!

At a time when we have more committees looking at things than soft mick, and seem to go backwards rather than forwards in terms of agreeing what is protocol, I get more and more drawn back into the less complex corporate market every day.
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ianmillington

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Post by ianmillington » Fri Oct 24, 2008 10:18 am
You are not alone in that view Melanie!
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David Mond

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Post by David Mond » Fri Oct 24, 2008 12:26 pm
Ha - we are getting there but it does take time!!!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
 
 

KLG2002

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Post by KLG2002 » Fri Oct 24, 2008 1:22 pm
Can someone clarify the bonus/overtime/windfall clause plz
I have the above clause in my proposal but nothing regards an increase in net income.......does this mean I don't have to declare say a pay increment? does pay for unsocial hours just get included as basic pay. It's just that the pay used to put forward the proposal did include unsocial hour payments (30% of pay on half of my wage) this has now increased to 30% on three quarters of my pay...I work 4pm-12am all the time. I haven't even paid my first iva payment yet but don't want to mess up through the way I am interpreting the wording of my iva proposal.

cheers
 
 

ianmillington

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Post by ianmillington » Fri Oct 24, 2008 1:34 pm
Without actually seeing your IVA proposal and chairmans report we are flying blind really - I would expect an increase in your routine pay to be part of your Supervisors review role. You will note my reply to Susey contains a couple of "ifs and buts".

the differing clauses? Depends who your creditors are: the 10% then 50% is TiX and the "net income" is Grant Thornton/Eversheds/The protocol.

Given that you are only just into your IVA the person to whom you will be best putting the question is your Supervisor - the reality is that only he/she will be able to give you chapter and verse.

Hope this helps

ian
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MelanieGiles

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Post by MelanieGiles » Fri Oct 24, 2008 6:19 pm
I agree with Ian - in the absence of any clear direction about general salary increases, it is the at the discretion of the Supervisor whether they agree an increase or not.
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james.c

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Post by james.c » Fri Oct 24, 2008 8:17 pm
would it not be better if when entering in to an IVA what ever amount was agreed at the start stays the same for 5 years, that way any bonus, rises etc is yours to keep, and would probably work as an incentive for some people to do an IVA instead of BR and creditors get more back, plus if they did this, their would be no annual review, so IP costs would be done and creditors would get more money back.

Apart from the bit i said about IP's getting less money, what do the experts think?
 
 

Adam Davies

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Post by Adam Davies » Fri Oct 24, 2008 8:30 pm
Hi James
Hope you and the twins are well
It would be easier in terms of supervising the arrangement but the problem is that in an IVA creditors are writing off debt and they will not want to do this if you are in a position to pay more.
I think a standard clause along the lines that any earned overtime above 10% of your normal net salary 50% should be paid over to your IP.Any commission should be split 60/40 in the debtors favour and any payrise,less increased expenditure,should be split 50/50 with your creditors.
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MelanieGiles

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Post by MelanieGiles » Fri Oct 24, 2008 8:32 pm
Under the proposed SIVA - there is to be no rescheduling of payments once creditor agreement has been received. I wonder if this will result in a higher rejection rate by creditors?
Regards, Melanie Giles, Insolvency Practitioner
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