over £500 i lose it all!! Is that true?

[indebtforever]

have you read through your whole report mine also has a small paragraph about it?

[rebecca.l]

No i haven't, good advice, i will do that tonight and let you know.
I don't suppose you have any advice on the settlement question do you?

[indebtforever]

ok i have looked you needed to pay 15k after 60 months i take it you have no equity clause?you have paid 6,600 your debts have been sold on you have 3 years remaining so will save on fees for 3 years but need to pay a completion fee or variation (save 3k approx)i would offer 4k max like the money in the bank because they bought the debts for peanuts you may need to come up a little but if you go in too high you will never know[8)]i am no expert by the way but the experts always say full dividend because this never fails [:p]

[rebecca.l]

Really!? Wow that is good, i would never have thought of a figure so low. Thank you very much for your advice!

[indebtforever]

best of luck keep us posted i think it is a good offer see what the rest think[:D]

[abc]

do you have a clause which deals with additional income? something like you have to pay 50% of any net overtime/bonus/commission as I believe that bonuses would fall under this clause rather than a windfall.

[MelanieGiles]

I still stand by my interpretation that the first £500 from any windfall is exempt, ie if you win £750 you only have to pay over £250. I am sure that is what the creditors mean by that modification.

[adam090376]

Hi All
Just wanted to know if you do not have any specfic mention of windalls apart from the mention in the standard terms and condtions where does this leave me? with regards to windfalls. The standard t&C's do not really tell me anything in detail. Just want some advice really.

[Lisa2009]

If you cant find anything specific then i would suggest a quick call to your IP to clarify for you.

What does it say about it in the T&C ?

[adam090376]

Hi Mrs Skint
The t&C's talk about after aquired assets. I Beleive these t&c's are fairly standard for all IVA's. I will discuss things with my IP so I can get an answer I was just wondering why everyone seems to have a clause in words and I dont.

[Shining]

I'd always agree with Melanie and I'm sure she knows her stuff and IF and yes that is a big IF am ever lucky enough to get a windfall then, what a bonus to keep £500.

[rebecca.l]

I have just sent an email to my IP asking again for clarification, thanks for all of your help.

Melanie, can you please let me know your thoughts on my subsequent question about settlement:

"I am considering offering a settlement of around 6k to 7k. My original debt is around £38k and i am paying back 25p in the £1 which equates to £260 per month and i have just completed my 2nd year. In total so far i have paid about £6600. Do you think that would be reasonable? The other issue is that my partner thinks i have been mis-sold the iva (and is extremely annoyed about his sudden windfall change in rules) and has said that we should inform them that i am now considering bankruptcy as the alternative and offer them 2k. I don't understand the formalities of this, can you help?"

I have had some great advice from someone else off the site saying i should offer £4k. Please can you just confirm this seems ok before i go back to the IP.

[MelanieGiles]

It will depend upon the level of fees being charged by your IP, but I think that £7,000 is in the right ballpark, but do check with your IP. I do not think that £4,000 is a sensible offer, and £2,000 is silly. If you feel that you were missold the IVA, I suggest that you formulate your concerns in a letter to your IP.