If I do not take all my leave before the end of February, my employer has offered to convert this to pay - this would be a week's leave.
What impact would my IVA have on this. Would it be classed as a windfall or would it be classed as overtime ????? What's the experts opinion on this - if it is classed as a windfall then b***** it....I will find the time to take a week off ! Over time and the 10% and 50% rule I would be ok with !
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There is a solution for everyone .... Just need to stay positive !
I agree with Melanie that it is not a windfall. It is good your employer has plenty of work and has offered this option but confirm with your case manager before you go ahead to preempt any problems.
Not sure it is not considered as a bonus or overtime. You are entitled to be paid whilst off work in respect of holiday. If you decide to forego that holiday and work in stead you are paid for that "new time". Why is it not caught under the bonus/overtime provisions. I believe it is and 50% of 90% would have to be paid into your arrangement. Not sure of Melanies reasoning as to why she would ignore this payment!
Last edited by David Mond on Thu Jan 29, 2009 9:58 am, edited 1 time in total.
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.
Because I am a sympathetic IP David who understands that my clients work hard to make their payments, and the fact that they have unpaid holiday which is then paid means that I believe they should enjoy the benefit of that. And I also believe so would the creditors and my regulators. You may well have differing views but I would definately stick with mine.
Whilst I am sympathetic with your opinion you run the risk of trying to develop a "Melanies Law" which runs against the strict letter of regulation and the conditions imposed upon us as practitioners. What is the difference of someone working over 40 hours a week to earn more and working long unsociable hours.
You also run the risk of attracting debtors to use you to put forward proposals knowing this view that sometimes any "extra pay" might be overlooked or not claimed in an IVA.
I don't think that that is right (whilst having sympathy)and would urge you to re-think.
Last edited by David Mond on Thu Jan 29, 2009 10:11 am, edited 1 time in total.
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.
Surely there's got to be some give and take though? I understand that people are getting a chunk of their debts written off, but 5 years is a long time and maybe there needs to be some incentives during this time? I would certainly make sure I took the holiday, rather than pay something that I am entitled to into my IVA.
That might be an unpopular view, but it's my opinion.
Last edited by Skippy on Thu Jan 29, 2009 10:19 am, edited 1 time in total.
If you wish to discuss issues like this with me, please do so off the forum. Other forum posters get absolutely no benefit from these differences of professional opinion.
Your second paragraph makes completely unecessary comments.
I'm so glad that I can't do that! I have to take all my leave, I can carry five days over, but anything else I lose.
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
Melanie happy to but you are stating on the forum what you would do - I am only stating that I think that that is wrong. There has to be a fair balance and posters and readers to understand the differences should be aware of the principles involved!
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.
It is ceratinly not a windfall and I think most commonsense IPs would take a practical view. By treating your clients fairly more IVAs will run their term and this to the benefit of all involved which includes creditors.
I do not think that Melanie is rewriting the legislation or trying to coax clients into an IVA with her firm by using inducements. I think that is an offensive allegation given the amount of time Melanie gives to this forum and David should withdraw it.
My personal view is that it could be either. It could be O/T or a bonus but it's also arguable that as it was not envisaged in the proposal that it is a windfall. Whether it is in the OPs interest to classify it as a bonus or a windfall depends of course on the amount and what is in the proposal. If there is a £500 de minimus windfall provision in the proposal then (assuming my maths are right) the weeks "net pay" needs to be over £900 before it is in her interest to argue it's a bonus. To illustrate what happens to £900:
As a windfall, £400 comes in meaning £500 is kept.
As a bonus, £405 comes in meaning £495 is kept.
So if it's £500 per less, then you could call it a Windfall and pay nothing.
Hope this helps
Last edited by ianmillington on Thu Jan 29, 2009 11:26 am, edited 1 time in total.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
