someone where i work is in an iva but seems to be going away alot and spending alot, he also earn in excess of £100k, it doesn't ring true...why do these people get away with it....especially if he is having debt written off...how does that work....
Are you sure this person is in an IVA? It would all depend upon his circumstances as to whether or not an IVA on that amount of income would be accepted.
It could be that someone else is funding his trips away.
I'd make 100% sure of my facts before thinking of doing anything about it.
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
IVA's are individual and I'm in an IVA and been abroad last November courtesy of my Mother in Law. There are numerous reasons he could be going away a lot and how it's funded. His/her IP will be aware of their income and that's all we really need to know. I don't think your salary is a barrier to having an IVA although I do stand to be corrected by an expert.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I agree with the other posters that it is between the IP and the debtor. It is possible that the debtor travels a lot as part of his business and this is generating profits to fund repayment to creditors. People in IVAs do not 'get away with it' as IVAs are not a walk in the park and there is also the possibility that the debtor is repaying in full so no guarantee that anything is written off.
Unless Terry knows the full circumstances of his IVA anything he/she says is just conjecture and possibly petty jealousy of the salary.
Hi Terry, unless this person has personally discussed his IVA with you I'd put it down to office gossip. We are accountable to our IPs and our creditors for every penny so if he is in an iva either someone else is funding his lifestyle or the creditors have agreed his expenditure. And as you are concerned about the creditors, you can be assured there is no need to be as they have approved his expenditure.
I will be away virtually every weekend from now to November-in my trusty rusty old campervan.
So if anyone comes on here worried about where I get all my money from-costs me the price of my petrol and a few quid on a site-so I have answered any questions before they get asked!!!!
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
I actually have more 'available' money in an IVA than I ever had before I entered one.
This may seem a strange thing to say but for example, you earn £2000 per month, after paying loans, minimum on credit cards, mortgage etc you are left with £100 which creates the cycle of debt as you simply can't live on that.
In an IVA you are paying in what is left after all your living expenses. I was in the very dangerous spiral of taking back out on the cards the money I paid in as the min amount as I needed it back to survive, the debt was just escaltating every month at an alarming rate.
Strangely someone in an IVA who has to do a yearly I/E could be better off than someone who is seeing all these increases and living costs and having to service a debt since any pay rise can go straight on the I/E without having to increase your IVA payments and you would still meet any dividend from the original proposal.
Last edited by herbekj on Thu Mar 17, 2011 8:26 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Camping is my worst nightmare!!!!! Hate it with a passion!
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 also found life in IVA easier, it was the first time in years that i had disposable income, and didnt have to juggle loads of different balls to make ends meet. When i went into IVA i wasnt in arrears with anything, but i wasnt reducing the debts either. I just got sick of the stress and struggle, it was one of the best decisions of my life. And thankfully it all ended yesterday.
I'm with Howard even though I am just about to start mine, we seem to have more disposable income now than we have had for years and it is allowing me to put a tidy sum away each month (over and above what the IVA payment will be), this is only because previously when we were servicing our debts, we would go without in other ways, I really cut down on what we would spend on food each week for instance, would save nothing towards car repairs etc, so because I am so used to that now, I still keep our food allowance as frugal as I can and save the rest
