Advice needed again please.

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Jasekent

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Post by Jasekent » Sun May 18, 2008 1:37 pm
One for the experts really but any advice would be appreciated by the wonderfull people on here !! [:)]

In my agreement I was under the impression from correspondense with my previous IP that there was no overtime/bonus clause in it. My new IP ( my case was transferred ) seems to be hinting that there is so i am confused. I kept all the emails from my old IP luckily. Anyway this is what my agreement actually says so It would be great if an expert could let me know what they think their interpretation of it is:
" If I receive any benefit by way of cash, investments, lottery, windfall or any other property or effects during the period of my voluntary arrangement , I shall notify the the supervisor within 14 days of the receipt and he shall realise these assets for the benefit of the creditors "

That is the only clause i can see in the whole thing , there is no mention of overtime/bonuses in the whole agreement that I can see.

What do you guys think ?

Jase .
 
 

TheMatrix

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Post by TheMatrix » Sun May 18, 2008 1:47 pm
Each arrangement is individual I'm surprised it was not challenged at the time of your creditors meeting though.

Mine has a clause in it about 50/50 split of windfalls and bonuses and salary increases / overtime.

You may be lucky here, but would wait for an expert opinion.
Last edited by TheMatrix on Sun May 18, 2008 1:48 pm, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Sun May 18, 2008 1:47 pm
That is a very woolly windfall clause, which I would interpret to not include overtime, but someone else might interpret it in a different way. As the spirit of entering into an IVA is to pay as much back to creditors as you can, do you necessarily have a problem with what the new IP is saying - and if he is claiming your overtime, how much is he saying you should pay?
Regards, Melanie Giles, Insolvency Practitioner
 
 

may07

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Post by may07 » Sun May 18, 2008 1:48 pm
Hi Jasekent and welcome!
Definitely one for the experts though I suspect that clause is a cover all that includes overtime and bonuses.
There was a post recently regarding keeping a percentage of overtime. So over to the experts.

May
 
 

may07

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Post by may07 » Sun May 18, 2008 1:52 pm
Hmmmmmmmm I think I just demonstrated how people might interpret if differently. Listen to Melanie!
May[:)]
 
 

Jasekent

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Post by Jasekent » Sun May 18, 2008 2:09 pm
When my IVA started I had a lodger who was a personal friend. A couple of months into my agreement he , out of the blue , announced he was moving out. My arrangement was set to include the income from that. I did advertise for a new one but the people who applied were totally unsuitable as I am a shift worker , plus my young son is here with me quite a lot and did not want him around the place with a virtual stranger so I decided to bite the bullet , knuckle down and do the best I can without the extra money. To make up the shortfall I had to do overtime when it was available. When I contacted Knights and co in an email about extra earnings I was told that it is not a problem as any extra in ovetime/bonuses was not included. So thats what I did. Now I am with the new company they seem to be very interested in what I have earned in overtime in the last 2 years. To be honest it was very rarely over the extra 300 a month I was down post lodger anyway. Clear as mud ??
 
 

Jasekent

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Post by Jasekent » Sun May 18, 2008 2:19 pm
sorry melanie , didn't answer your question did I ! At the moment they have not asked for anything as I have only recently sent them my income/expense forms but in the phone call they made to me about the questions I had about completing the forms the lady said to work out an average yearly takehome in overtime so it could be included. Overtime is not regular in my job , you just grab it when you can. My salary can vary a lot from month to month. I thought it was odd because of the advice that I received from the previous company said not to include extra overtime income , so you can see why I am confused.
 
 

facingittogether

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Post by facingittogether » Sun May 18, 2008 4:10 pm
hi jasekent

we are in a iva and my husband does alot of overtime, our propsal was based on his basic wage, 10% ontop of his wage he can keep but 50% of everyhting above that is paid over. i now transfer any surplus into a seperate account ready to payover to our ip.

i felt happier it being done this way as hubbys overtime could stop at anytime!

barb x
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cfnc

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Post by cfnc » Sun May 18, 2008 4:24 pm
If the money from your lodger was included in your original income than I would expect if your net income is now the same as before but the extra is from overtime and not your lodger then I was assume that your income has not changed so no more is payable, but you will need to bring to your IPs attention your loss of earning from your lodger.

If you did not have your lodger money down on your income before then I would expect you will need to pay over your overtime, unless you can get an agreement from your IP to split it 50/50 as seems to be the norm in IVAs now.

Kirsty
Kirsty
 
 

MelanieGiles

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Post by MelanieGiles » Sun May 18, 2008 4:33 pm
If you have been earning overtime to supplement the loss of your lodger's income then there will be no more to pay - common sense is very likely to prevail (I hope!)
Regards, Melanie Giles, Insolvency Practitioner
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