I do stand to be corrected but usually, regardless of when you make your last payment, until you get that completion letter you are obliged to pay across any windfalls etc.
I think the VAT thing will be different.
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
You are correct, Jan. Even with the windfall thing the responsibility to pay over windfalls etc. still exists. It's just in the case of the VAT fiasco the IP's are now employing common sense and treating the IVA as completed, but this is being done in the spirit of the agreement as opposed to the letter of the agreement and, as such, is still not bomb-proof.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It's still ongoing at the moment, can't really say anything else other than, i'm still being paid and paying off the IVA. 2months to go then i've finished the 5yrs!
I got made redundant about 2 years into my IVA, and due to the seniority of my position, I was asked to sign a compromise agreement and was given the redundancy package as an ex gratia payment instead of through normal payroll. That meant it would not show on my P60 and, because my IP didn't ask for bank statements, I kept the money. Very naughty, I know, but i did get away with it.
Lizardking - if i were in your position, I would keep quiet. If they find out, they find out and you can play dumb, but i think i would at least try to get away with it. Looking back, I can't believe I got away with as much as i did!
cindy.me - I trust and hope you are not encouraging people to be dishonest in withholding money from your IP.
The fact you choose to do this perhaps says enough about you moral position.
If the OP is found out they risk serious breeches to their IVA.
After all you all signed on the dotted line when things were tough - now that life seems a bit easier - you wish to disgard a legal agreeement as it doesnt suit you !!
I would be ashamed of myself if I were you Cindy. It's no different to theft or fraud and if caught you could have been subjected to criminal prosecution for your criminal act. Please don't advise people to act illegally on this forum.
Quite agree ginger. We do not encourage people to hide things from their ip. You should always be honest and declare anything such as redundancy. The object of an iva is to pay back as much as possible.
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
Easy cindy.me thats Controversial on here! maybe you should have pm'd with that comment.
TBH with an IVA, there is people who take them out as last resort being that it's either that or Bankruptcy, me..... like i have said I blame the banks (irrelevant as to whether i spent the money or not!) we are all now cash cows, the banks were making money hand over foot with the penalties and interest we all got. The IPs are making money on us,the middle man companies who put us in touch with the IP will be making money, the banks are still playing their silly games with shorting the markets and the legal way they gamble, the goverment will continue to bail them out, and the banks will keep getting massive bonuses.
Some of us feel no pain as to what has happened and some do. I think this is what makes us human. It's good that any thread/forum has two sides to any arguement.
The fact banks are finanical service,and charge a cost - thats is what they do - they are not a charity.
As before anyone goes on about taxpayers owning the banks - only a handful of banks have taken tax payers money - and at present Lloyds is 41% taxpayer share owned and RBS 71%. Not all banks took money from the public purse.
What does concern me about all of this - is failure to take any personal responsibilty - we all make mistakes, but most adult people accept responsibility for mistakes.
If you choose to go down the route of not declaring any windfall - then as a adult you persaonally have to accept the consequence of that decision - regardless.
This forum offers support and advice for people who have a desire to pay back as much as then can during the terms of their IVA - to adhere to the terms and condition of the the IVA, with an end result that they will walk away older/wiser and debt free.
Anyone who suggests manipulating a system that relies on a persons honesty to declare extra funds, for they own benefit, puts them on a the same moral level as amblance chasers.
Last edited by ginger3232 on Fri Aug 26, 2011 10:12 am, edited 1 time in total.
Ha ha - I do like to play devil's advocate and throw the odd hand grenade in! I have no qualms with telling you as it was for me; I'm not traceable and my IVA ended some time ago. I'm just offering an alternative perspective and I agree with you on the banks front. A huge proportion of my debt was interest. I feel so desperate for students who will now have such a massive debt around their neck before they even step into the real world. Debt seems to be such a way of life and if you can make life a little easier for yourself along the way, then, why not. Life is about risks and looking after yourself. Has nothing to do with morals, it's about survival. One thing i do know since discovering this forum is that my IVA was pretty slack with very little interference from my IP and even less understanding of my obligations on my part - so i am probably the exception to the rule but even so, this was my experience in the real world and i have chosen to share it
(I fully expect to be banned [:(])
You may well have got away with it Cindy but please don't encourage other posters to do try and do the same.
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
