Money before IVA meeting

[63k]

Before our creditors meeting my husband recieved a bonus from work in the 15th Novemember pay. Our meeting was Nov 22nd and we were told anything earnt before the meeting was ours to keep for a rainy day.
However I have been asked for all payslips as a 3 months check. They asked for Novemeber which has the bonus in it...(and we spent it on a new car as the last one died) So I can wait until Februarys payslip and send them the 3 months payslips from after the date of the meeting otherwise I am sending the backdated 'bonus' paycheck and am worried they will demand the lot.

We get paid on the 15th and so it would be Dec/Jan/Feb

Thoughts?

[carlmcmullen]

If the bonus was before your meeting then there is no need to pay this into the IVA as you were not bound by the terms of the VA.

I would not worry to much about sending November paylsip and explain to your IP the bonus was before your meeting (but i am sure they will work this out anyway)

And beside which replacing your car is good enough excuse for a rainy day anyway.

[Adam Davies]

Hi
I would send December,Jan and Feb payslip.These will cover your pay from the start of the IVA to present so should be perfectly acceptable.I fear that if you send Novembers it may cause a misunderstanding and a demand for payment.
Regards

[Adam Davies]

Hi
We posted about the same time so didn't see your last post until now.I think as it was before your meeting there is nothing that can be done by your creditors however from a moral point of view it may be seen as a little unfair to your creditor and should possibly have been introduced into your IVA as cash in hand,after discussion with your IP as to the need,and amount,for a new car
Regards

[MelanieGiles]

I am afraid that I can only agree with Carl on one of his points - ie that the purchase of a replacement vehicle was probably a good investment if your previous car was unreliable.

The money, whilst not subject to the 50% uplift provision (at that stage being pre-contractual) nevertheless is an asset which you did not envisage at the time you signed your proposals but which existed on the day of your creditors meeting.

If I were your IP, I would require a detailed explanation from you as to how the money was actually spent, and technically if there were anything left that ought to be handed over as a windfall. Did you see fit to discuss this with your IP when the money was actually received, and if so what did they advise?

[63k]

I did ask the Company before about the bonus and said how much it would be, we werent expecting as much as we got but the operators opinion was that anything before the meeting is ours to keep and not bother to tell them as it was not relevant.
I guess I should declare it then.

[MelanieGiles]

Who is the "operator"?

[MelanieGiles]

If this company - who are your professional advisors - are telling you not to declare an asset, then you should follow their advice as that is what they are being paid to do. But I would get something in writing from them if I were you.

[63k]

OK Thanks
I think I will Just leave it with the past 3 months payslips and see what happens. I really didnt think of it as an asset, I think advice coming foroom all different call centre advisors doesnt help. Saying that we have paid an extra 1800 into the IVA in overtime as its not a guaranteed income we are paying the 50%. I thought everything was going well until now [:(]