If the proposal is Protocal Compliant, then you will be allowed to keep the first 10% of any bonus earned during a month, with the balance being shared on a 50/50 basis between you and the creditors.
Like Melanie, I think saving an money you have managed to put aside from what is a tight income and expenditure is extremely sensible and quite frankly I would expect it the way the income and expenditure is worked.
For example you will no doubt have £20 or similar down for vehicle maintenance. No one can tell me that they have repairs done to their car every single month or pay for it on a monthly basis. The £20 per month is meant to be an allowance to SAVE UP for your annual service, new tyres etc.
You are not obliged to spend the proportion of the overtime or bonus you are allowed to keep in that month. It is yours and you can do what you want with it - include saving it for an emergency. The only question I would ask as an IP is "are you getting a good rate of interest on it?"
Powerhouse if your proposals say that you should pay 50% of your additonal income over to the IVA and you have not done so then you should speak to your IP as plasticdraft suggests. I am sure that something can be worked out.
I would also suggest that, if your expenses have gone up you tell your IP. He or she will be able to go through your income and expenditure with you and, if necessary, go back to your creditors. I know that it is early days in your IVA but I am sure that they would rather help you sort this out now than later. when things get in a real mess.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Hi, I save my car tax, maintenance, contingency etc each month. I have an alliance and leicester savings account that I move my money in and out of. It's ridiculous saying you can't save more than £5-10 a month!
My grocery bills totalled £190 for the last month. This is all from ASDA and Tesco and therefore the prices are almost as good as it gets. No junk food, no sweets and no extravegants. Besides I am a vegetarian which should mean my groceries are cheaper than most. I told them that I will possibly have some extra income coming in from next month or so (which is true) and some of it should be set aside to cover my bare minimums. My IP sounds entirely deaf my requests and feedback.
Can I switch IPs possibly and get a 'reasonable' playing field?
I try and put money in my savings account every month - use it for birthdays, christmas, unexpected disasters etc. As my IP only requires my payslips - I don't suppose anyone except me is aware of my savings (not vast as you can imagine) Is this OK?
You have no problems in respect of savings that have come out of your budget. It is a very good idea to put into a savings account that which you don't spend at the end of each month. Good on you all!!!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I don't retain my payslips. What happens then? Obviously my income is there on the bank statements but that's about it.
My IP has mentioned that I only have to pay additional money for my bonuses and other overtime. I hope my increased payrate wouldn't come into the equation.
You ought to retain payslips as your IP will want to see some of them at the end of the year. Payslips show all sorts of information which is of interest to IPs - such as additions to and deductions from salary. The net amounts shown on your bank statements will not reveal the same information.
