Personally I think that it might have something to do with the fact that HSBC were the major creditor, and it may have been the only way to get it to fly.
However, I contacted Money Debt and Credit before deciding to use Payplan, and they included the 10% clause in the IVA. Not sure that they could have got the IVA to fly with HSBC though.
Nevermind, at least i get to keep 50% of everything additional (and my creditors get more than they agreed to), so we are all winners in the long run!
HSBC were my major creditor (loan, credit card and overdraft), so it does seem strange that we have been treated differently.
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 agree, but at the same time, these arrangements are ‘Individual’!’
To be honest, I am happy that I’ve got a second chance that I couldn’t see coming, and I actually get to keep half of any additional income, rather than using it all to service unmanageable debts!
I quite agree about the second chance - our lives are much better for it, and I'm doing something to pay back my debts.
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
Howdy, its baffling how an I.V.A as it is tailored made to individuals circumstances but when considered on issues around Bonuses and O/E - some are inadvertantly given preferential treatment?? The first 10% of extra income one keeps and then 50% of what remains is better for debtors than the old 50/50 split.I am bemused that even IPs are not understanding why this is the case? Protocols are surely there to avoid uncertainties and not add to it? One person could be £100 better off than the other.Its hardly seems fair and equitable?
As you say, the arrangements are 'individual', and the majority of the ones agreed now have the overtime clause, particularly if they do use the protocol.
Not everyone is suited to the protocol for whatever reasons.
I am sure one of the IP's will be on to give their opinion on this.
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
As an experienced IP, I can only say that we have had to adapt to meet creditor needs and demands. I cannot comment about other individual firms, but when I have become aware of changes required these have immediately been implemented.
If you looked at one of my IVA proposals from four years ago, they would look very different to the ones we issue now - and I have to say that the IVA protocol has really helped to streamline matters.
