I am in my 3rd year of IVA and realised i have had a few small bonuses over the course of this time but never advised the IP, they have carried on and had my review onfo etc and never said anything ...is that ok now ?
Do you have the 10% plus 50/50 clause? Check your paperwork. I'm assuming your IP will have seen evidence of these bonuses?
Give them a ring just to check.
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
I am not sure to be honest i was reading through everything i thought it was if i got a bonus then i had to give 50%.
They date back though probably over 12-15 months and havent been regular, the IP have not seen evidence nope as when paid they have been before the 3 months statements etc where due. they havent questioned it either from the P45 they have seen on each occasion
I am concerned that come next year they will say....right you have paid all the months but you fail as you didnt tell us about bonuses even though they have been small
Hi - if you have the 10/50/50 clause in your proposal (it will state this in the section regarding bonuses and overtime) then you can retain 10% if any additional payment under this heading.
I would check your proposal and see and hopefully the bonuses were less than 10% of your normal weekly / monthly income.
If they were more then it's up to you if you come clean. I wouldn't be able to stop worrying it would come out at some time but it's your call!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kazzafunk
Hi - if you have the 10/50/50 clause in your proposal (it will state this in the section regarding bonuses and overtime) then you can retain 10% if any additional payment under this heading.
I would check your proposal and see and hopefully the bonuses were less than 10% of your normal weekly / monthly income.
If they were more then it's up to you if you come clean. I wouldn't be able to stop worrying it would come out at some time but it's your call!
Do you kmnow how it would come out if was a year or so back though ? ?
No - to be totally honest with you I doubt it. I would just be squeaky clean and declare any additional income from now.
As I say - I don't think I could relax as my luck is so bad it would have come out! An IVA is all about trust and honesty between you and your IP ans in the future you don't want anything to mean the IVA would fail.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kazzafunk
No - to be totally honest with you I doubt it. I would just be squeaky clean and declare any additional income from now.
As I say - I don't think I could relax as my luck is so bad it would have come out! An IVA is all about trust and honesty between you and your IP ans in the future you don't want anything to mean the IVA would fail.
I know what you mean, the reason i asked is just got a rise so will advise them of that ASAP too, though last time they where not interested!!
How on earth are they carrying out proper reviews if this issue has not been picked up? Don't they ask for your wage-slips to be produced at the end of each year? Which firm are you with?
Do note that it is your responsibility to pay over the additional monies and not the IP's to collect them - so you are probably in default regardless of whether the IP has picked this up - which they should have!
Hi Chris123. Welcome to the Forum. I'm amazed that this hasn't been picked up already, and to be honest, if it were me, I'd be worried by the fact that it hasn't, as I would question how your IVA is being managed. I can't imagine that this won't catch up with you sooner or later. Whilst working I had to send my payslips quarterly, but usually did it monthly - especially when I did overtime. They then advised me how much to pay in. In your shoes, I'd contact the IP immediately and tell them, then see if/how arrangements can be made to pay in due funds. Our IVA's are just that, and I believe each individual is responsible for ensuring that we comply with its terms. I'm sure you can get it sorted. Good luck. X
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
Why not pick up the phone or send an email explaining what's happened and find a way forward with this, you've highlighted it now so maybe time to deal with it. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
this doesnt sound good nws then, i do complete my review but each time the last 3 months havent showed any bonus, we only had the one at xmas time i think and may be another at the early part of the IVA, im with DFD, i have really messed up then guess its bankruptcy for me with just a year to go left :_(
I don't imagine it would come to bankruptcy just because you've not advised them of a few small amounts. Why don't you just come clean and offer to pay the amount due spread over the remainder of the term as maybe as an extension of the term? You need to speak to your IP really and find a way forward.
Agree with footiemad - it is in nobodys interest to let the IVA fail.
Speak to yoru IP asap and get this sorted out.
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
I would gather the payslips that the bonuses are shown on, submit them to DFD with an email to cover the explanation as to why and then offer to a "payment option" to cover these amounts and suggest a number of additional months to your IVA to resolve it.
We were with DFD and each time I had a bonus we used to send in an email with the payslip attached to show it and then immediately work out the 10%/50/50 rule and pay it immediately.
I would think that although technically you are in default, the fact you come clean and offer a repayment structure will go some way to acknowledging your error and willingness to put it right.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
