I am currently on an IVA with a debt management company and have won 900 pounds, do they need to be made aware on my agreement it states over 500 pounds I need to pay them the maximum is 100p in £. Any provision for statutory interest under the R# standards conditions for individual voluntary agreements shall not apply.
Yes, I am afraid that the whole £900 is due to the IVA. You only get to keep a windfall if it is under £500 .... so £499 is yours but £501 is the IVA's..
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I always thought that if it was over £500 then the whole lot had to be paid across.
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
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
