back pay

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bart.d

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Post by bart.d » Thu Aug 30, 2007 2:32 pm
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hi i am currently in an iva and there is a possibilty i may be ecieving some back pay from 2004- current. The dispute is still in hands on union and employes but on my calculation it could approx be around £4000. My iva states 50% of overtime to be shared. Does anyone have any ideas whether this will be classed as pay or windfall. Many thanks [:)]
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Adam Davies

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Post by Adam Davies » Thu Aug 30, 2007 2:42 pm
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Hi
That all depends on how your IP interpret the windfall clause.
You need to speak with your IP and see if you can get them to agree to splitting it 50/50.
Let us know how you get on
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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Oliver

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Post by Oliver » Thu Aug 30, 2007 2:45 pm
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I fear that all of this money may have to go towards your IVA. Bring this up with your IP to see if you can make an arrangement to pay only a portion of this into your IVA.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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bart.d

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Post by bart.d » Thu Aug 30, 2007 3:21 pm
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If that is the case that i need to contribute all of the back pay to my creditors, will there be any chance of a reduced monthly payment. Many thanks for your support
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Adam Davies

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Post by Adam Davies » Thu Aug 30, 2007 3:58 pm
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Hi
I doubt it.
An IVA reqires you to pay as much as you can into it,upto your original debts,IP fees and sometimes statutory interest.
Your IP is the key as they can decide how to deal wth this.
Is your car going to last the term of your IVA,if not it could be a useful bargaining point.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Thu Aug 30, 2007 4:11 pm
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If you have the 50% uplift clause which talks about "other income", you can argue that ony 50% is payable. And as Andy says, the duration of the IVA will only reduce if you are able to repay your creditors in full.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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