IVA decision wednesday 13th June

[mitch2311]

Iva accepted! Would you believe that i woke up today to find the tax credit people had paid in £2878 in payments as they made mistakes last 2 years. Been told we can keep half the other half has to go yo creditors!

[Niobe]

Congratulations. A nice little windfall as well.

[KAYKAY]

Oh brilliant news and what a way to start..... a built in contingency fund. Don't mean to preach or dampen your spirit, but from experience, it would wise to stash some of that away as you never know during the next 5 years what can happen.. ie washing maching packing up, boiler or car problems. That doesn't mean you can't go and get a bottle of bubbly to celebrate your IVA acceptance though.

[nepensioner]

Ooh, just so pleased for you Mitch. I remember the feeling of relief so well!!!

[dipsy]

Such great news... Were there any variations or was is a straightforward acceptance? So pleased for you and for your windfall. Enjoy it!!!

[MelanieGiles]

Great news - but don't go mad with the windfall. It will come in handy for a rainy day, and it is great that you have a little contingency fund to start the IVA off with.

[footiemad]

Great news on both fronts x

[mitch2311]

What happens with the tax credit money? Payplan have told me that i will have to put 50% towards the creditors and i can keep the rest is this correct?

[footiemad]

If that's what they told you it must be - don't spend it all at once x

[kazzafunk]

With the refund do you mean?

Yes you can keep the rest - as the others were saying it's a good idea to put it away for a rainy day - and there are a lot of those in the IK at present!

Congratulations on getting the IVA approved.

[mitch2311]

thanks. It works out though that instead of getting £141 a week tax credits because of the payment received today our tax credits are going down to £102 a week so we are getting £39 less a week but we have to give half of it away if that makes sense. Payplan have got down that we get £141 tax credits now thats gone down we are £39 down

[MelanieGiles]

So this means your disposable income is reduced? You ought to be able to negotiate a reduction in payments on such basis.

[mitch2311]

Where we have to give half back now it means we lose alot as they want 50% of the money. If we had got the money over the year each week would they have wanted 50% extra of our tax credits each week?

Its a pain that the tax credit people paid it in today as this money should have been paid to us over the next 10 months not all in one lump sum. Now weve got the lump sum we are going to lose 50% of it

[Random Lady]

Congrats on the IVA Mitch - but as Mel says, if your disposable income is reduced you need to go back to your IP

[mitch2311]

Its not been reduced the tax credits of £2800 is what we would have received for the next 10 months but they have paid them all upfront as apposed to each week. Works out if we give half back our tax credit award which we would have got each week is halved!