That is why IPs must make sure that their clients fully understand all of the terms of their IVA proposals - including what happens to payrises and bonuses.
I inform my IP of payrises (don't get bonuses) and leave it to them to decide if I need to pay anymore. So far I haven't had to.
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
So going back to the original post of the 10% rule, will i be hounded by my creditors if i work off a 13 month approach because of being paid weekly to calculate my earnings for a 12 month period?
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
Finding this post interesting.... Never heard of 10% rule and am 18 months away from the end . From the start, I've paid over 50% of any money earned above that stated as income in each annaul review... Over the course of the IVA so far, thats been over 5k. Does the 10% rule applu to all IVA's? If so I will change my monthly calculation to reflect that - and I guess I'll need to work out whether I've been paying too much??
As I have already said - it dependes on the terms of your specific proposal, and the 10% provision has only been used for the last couple of years. I would doubt that it relates to your IVA Martin.
Any extra will go towards a much better dividend for your creditors. Some people manage to pay back 100p in the pound, which has to be commended.
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
Many thanks Melanie and Kallis, that's pretty much what I thought. And I agree with the sentiment, at the current rate we will have repaid the whole debt, fees and statutory interest by month 58.... hows that for timing!!
Thanks again both, nice to hear from you again, apologies for being off site for so long, just started getting back into it again as the finishing line is becoming clearer...
That is brilliant Martin - I would like to be able to say that I could do the same, but it's unlikely.
Don't forget us now! We love to hear from everyone.
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
. From the start, I've paid over 50% of any money earned above that stated as income in each annaul review... Over the course of the IVA so far, thats been over 5k. Does the 10% rule applu to all IVA's? If so I will change my monthly calculation to reflect that - and I guess I'll need to work out whether I've been paying too much??
