Proposal/modifications

[Phil]

Hello everybody,Another question!!!
I already have an IVA and on my proposal it states £550 1-30 months then £707 from 31-60months(car payment) Also no mention of 50% for overtime but anything over £500 windfall has to be paid.I have not got property so no equity release.Does this mean that apart from yearly reviews my payment will stay the same for that year after the review. I have looked at the modifications and proposal and only mentions that I have to agree to 40p in the £ being adhered to.
Any Advise will be appreciated.
Phil

[MelanieGiles]

Hi Phil

Obviously your payment will increase at the 31st month point, but apart from that unless your circumstances change the payments ought to remain constant.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Phil]

Thanks Melanie
That is reassuring as i will be able to budget properly for the life of the IVA.This will also teach me how to budget after the IVA thus apart from helping me get out of debt also educate me.
Iwish I could come down and see you in the flesh at the debate unfortunatly work commitments make that not possible
Have a successful evening along with everybody else that goes
Phil

[Sadsack]

Hi Phil

I too have no mention of 50% for overtime - but do have the clause anything over £500 windfall must be paid. However, it does not stipulate whether this forms part of a monthly salary and if so, would it have to be paid over. Do you know anything about this?

Sue

[aguise]

Hi Sue
I was wondering the same mine has the 500 windfall bit but also says we will pay 50% of any net income that we receive over the amount stated in the proposal whether from bonus overtime or increase in basic income so that must mean wage rise as well. So therefore with mine anything over the basic wage amount they set on the proposal they will get 50% of.

Ang

[Sadsack]

Hi Ang

My salary goes up and down on a monthly basis. My IP has taken an average income but there are occasions where it goes up really high. I don't do any overtime - my salary is based on commission with a very low basic. Perhaps this is why I kept getting into trouble!!

Would be interesting to know if there were others out there in a similar position.

Sue

[Adam Davies]

Aguise
Your clause regarding overtime and pay rises seems the fairest to me and would be welcomed ,I believe,as standard practise.Some IVAs propose the 50% just for the overtime and not for payrises,meaning that all of the pay rise can be used for the IVA and really gives no incentive to go for promotion or a better job with another company.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[aguise]

I totally agree Andy as I have seen many posts which say they have to give all of a wage rise to the iva nad this was what made me get mine out and have a look, as you say not much incentive to get a better paid job or improve yourself if you gain no benefit from it.
Just wanted to say hope the meeting goes well, too far for me to travel and working too but looking forward to see how it goes.

Ang

[Qikichi]

In the 2 years I've been in my IVA I have had 2 pay rises meaning a £10,000 increase. After reading my IVA proposal properly I now realise that I will be paying back all my original debt, IP fees and interest at 8% equating to just over £12,000. I'm thinking now I shouldn't have applied for the positions.

[aguise]

Hi Qikichi
At least you will be able to say you paid the whole debt back and can look forward to the benefit when you finish, you will be a huge amount better off at the end.

Ang

[Qikichi]

Hi Ang

That will be good but if I'd know I would have the opportunity for a payrise I may have just stuck with it and had a little more cash a month than I do now. Saying that though this is forcing me to pay it back sooner than I would have done on my own so it's for the best.

[MelanieGiles]

And 8% interest is a lot lower than credit card rates!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Qikichi]

Definately, I just got excited thinking I would have paid it all back sooner and my IVA would be finished. I do agree that I should pay interest as I can afford it now.

[freelili]

I kind of disagree with the incentive thing, Ok I agree with the overtime and I wouldnt do it myself if I had to hand half of it over but as for getting a better job, I say go for it as you will still be in the better job when your IVA is finished and 5 years is a long time in the experience world. If the 5 years brings a better job, debt freedom and education in the form of money management, its a good thing, right??? Even if it means the creditors get more. Oh shucks I sound like an IP. (no offence)

LILY

can it be, I am forever loved and you are watching over from above, isnt faith believing all power is not seen?

[Skippy]

For once you and I are going to have to disagree Lily - I never thought I'd say that! When I was in an IVA I had made the decision to stay in my job until it was over as there would be no benefit to me if I took on more work and more stress but didn't see any of the money. At least now that I am BR, if I change jobs I won't be paying all of the increase into my IPA. Obviously this is hypothetical as I've just got to find the new job - I'm sure the McLaren F1 team must want me for something!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/