Hi , We have been in an iva since june

[debbie.bn]

Hi , We have been in an iva since june so we are still unsure about how some things work .In february next year we will recieve a bonus from a secured loan which we are paying as normal before iva. In our iva paperwork it says any windfall over £500 must be paid into the iva does this mean we get to keep the first £500, it will be roughly about £1600. Can anyone advise us on this.Thanks

[wickerwish]

Isnt that one of the experts pictures you have used.

[Shining]

Hi debbie.bn, not sure how Debtwitch's photo appears on your post but I'm sure admin will sort it as soon as.

I would definitely clarify this with your IP, my opinion would be it would need all paying over to creditors, but am sure a professional will be along shortly to clairify.

[Adam Davies]

Hi
Only your IP will be able to answer this one for certain. It does sound as if you will be able to keep the first 500 pounds
Regards

[MelanieGiles]

I assume that this is a First Plus loan? Provision should have been made to deal with this within the IVA, but if not it is bound to fall within the windfall provisions of your IVA. As the refund will only be available if you don't claim on the policy between now and then, I would speak to your IP about this a little nearer the time - but of course they should already be aware of it.