Shares

[Sarah]

Hi All

Now i probably know the answer to this but my company do a share shcheme... do you think i would be able to input about £20 a month into this so it when it comes to the end of my IVA i can sell them and then have a little bit of savings to do as i wish?

[Oliver]

Hi Sarah

Shares are considered as an asset and it is very likely that you will have to stop paying into this share scheme and offer this money to your creditors. Furthermore you may also have to sell the shares that you have already purchased and put this money towards your IVA.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[finebridge]

Hi Sarah,

Unfortunately Oliver is correct, shares are assets and it would be unlikely that you can pay into the scheme whilst in an IVA.

Kind regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[Sarah]

Thank you... i though that might be the answer!

[Adam Davies]

Hi
I can,t see a problem with you saving this out of your "living expenses",this is no different than starting a savings account.
You are already in an IVA and your expenditure has been agreed by your creditors,how you spend it is up to you.
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

[Sarah]

That was not the answer i was expecting i may have to look into it then... as it is such a good deal, they double the amount that you put in every month!

[Adam Davies]

Hi
Run it past your IP and tell them that you are going to cut back on your grocery shopping so that you can put this money by.Let us know what they say.
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

[Sarah]

Will do.. thank you for the advice

[Hunter1]

Hi Sarah,

I had to stop my share scheme even though it was only £18 per month. This was because it showed on my Payslip and my IP insisted on it.

However I do get an annual bonus in shares that cannot be touched for 5 years so I will still get these at the end of the IVA as I can't cash them in during the IVA.

[MelanieGiles]

Sarah

Are you already in an IVA? If so, then I agree with Andy that if you want to make a small economy on your shopping why not buy shares. If you are not yet in an IVA, your IP will probably ask you to give up the contribution and the shares will need to be treated as an asset and probably realised for the benefit of creditors.

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

[Sarah]

Hi Melanie... yes i am in an IVA at the moment so i may look into it and then have something at the end of the IVA (apart from a debt free life )