Hi guys. Wonder if anyone can help me and my partner moved in last month and finnaly told Iva company. Today Kingsgate! Now my payments stayed the same 224 but it's seriously putting a strain on relationship I understand the income and expenditure was fine
But my partner wanted to get married next year so it's out the question which is killing us at the moment I have also had a little windfall Wonga has paid me 350 comp for unaffordable loans, and found out this goes into Iva even though they not part of my Iva I paid them
Off before Iva, now my partners mam has had accident and said she can pay 3600 for full and final
Offer my payments are 224x23 months Kingsgate have refused a credits meeting and said they won't accept it, I even said it would be easier going bankrupt 3 years agai when o first enter this and his sarcastic reply was well you didn't, and you might have had to pay 3 years of payment yes but I would of been finished now can anyone else would that be another to pay it off ove never felt so broken
Unfortunately that payment from Wonga will go the IVA regardless of whether or not they were included in the IVA.
I would certainly speak to someone else in the company and also complain about the service you had.
You can insist that the offer is put forward. If you did go bankrupt then your creditors are likely to get less than if you continued on until the end.
Bad customer service.
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
If the Wonga loan has been treated as a windfall it may be exempt as windfalls are usually ignored up to £500. Ask for clarification of how the IP treats the money but if it is treated as an asset then you will almost certainly lose it.
As to income most proposal allow you to earn up to 10% more each month i.e. £143 in your case before anything needs paid to the IVA.
Finally your IP must propose a variation if you request one in writing. Demand a variation be called and if they do not do so within the terms of the IVA you have a right to take the matter further. I attach the relevant section from the R3 terms and conditions which we use and there is something similar in Protocol;
60(2)[Power to requisition a meeting] If requested in writing by the Debtor, or by
Creditors with not less than one-quarter in value of the total amount of Debts subject
to the Arrangement, the Supervisor shall, unless relieved by the Court from so doing,
convene a meeting of Creditors within 21 days from the receipt of such request.
60(3)[Content of notice requisitioning meeting] A notice served upon the
Supervisor under Sub-paragraph (2) shall state the purpose for which the meeting is to
be held.
Brilliant Michael, Thanks for your help wonga is only 167 so dont want to argue but will try this they defintly said it was a windfall, about the offer 3500 they said they wouldnt even considered it i have to offer more than whats remain in the iva normmaly?
I agree with Michael - its not up to your IP to decide whether to put forward a variation offer or whether it should be accepted - it's up to the creditors.
I used to get the rebates when I was with Atlantic and I kept them.
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
Brillant just they asking for a bill see i always pay 60 each a month so 120 for both just encase i wouldnt like to get behind and the rebate is in november this year so would do for xmas presents for the kids
Mine was just a repayment for a couple of months as a loyalty bonus. I never informed the IP company, especially as it is below the threshold for a windfall.
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
can someone explain the 10% rule my monthly wage is 1440 but aloud ten percent extra so 1584,
So just say my pay august,September,October average 1560 would my contributions go up or stay the same if my outgoings stayed the same?
or does that 10% mean i dont have to pay anything back in but it may go up?
The overtime is calculated monthly and not by average. If your basic is £1440 and you earn £300 extra one month and a flat month the next you cannot carry forward the allowance.
If your wages go up then this is dealt with at the annual review and could lead to an increase but if your basic stays the same and the overtime addressed then your IP cannot use this figure to increase your monthly contributions.
basic before or after tax? cause a the moment my tax code is 393l due to none payment of company car tax for 3 years not my fault company forgot to inform hmrc
