Unless you pay back 100p in the pound plus fees and possible interest or can make a full and final offer then your IVA will continue until the end.
You will have an annual review and if your income has increased then your payments will increase.
Sharing from experiences of dealing with debt
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Only if you manage to repay a 100p dividend to your creditors early will your IVA end before the stated date. Any extra payments simply increase the dividend to your creditors
If you are getting the extra income from your part of overtime/bonuses etc that you are entitled to keep then you could start saving these extra monies to offer a F&F instead...
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas
If you are getting the extra income from your part of overtime/bonuses etc that you are entitled to keep then you could start saving these extra monies to offer a F&F instead...
....with care, Lisa, at least one firm ( and I cannot recall which) has tried to grab savings accumulated in this way as an asset ! I don't think we ever heard the outcome (but could be wrong).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It was Credit Fix - and they started back tracking.
However there is a valid point - if someone in an IVA starts developing savings that can be deemed as significant then this could be deemed as an asset to be realised by creditors.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I remember that case too Foggy. I am not sure how it worked out but the IP in that case was plainly wrong and Lisa is right. We have had this happen on occasion where a client has offered their share of a substantial bonus and creditors have accepted it. They may have got more money had they run the IVA to the end but we still called the meetings anyway.
As I mentioned in the other post about variations, it is the client's right to call one for whatever reason and let the creditors decide.
Strange really - I can justify having a large proportion of debts being written off but I cant justify having savings whilst in an IVA.
Must be hair shirt syndrome.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Sticking by my guns - if a debtor has savings built up from monies they're entitled to keep in accordance with the proposal then I cant see that this can retrospectively be snaffled at a later date. To be sure the debtor could always give it to a trusted friend who then uses it to make the F&F offer...
It's a trade off, Lifenoteasy. If you do overtime you get to keep half. If it were all to go to the IVA most would simply not do the overtime and the creditors would get zilch.
We were fortunate, in the first two years of our IVA, to contribute a fair amount in extra payments and saved "our" half as a contingency fund.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I understand and appreciate what you are both saying but I have seen some posts where people appear to have saved 5 figure sums within an IVA (I agree few and far between but it has been managed).
Credit Fix overreacted with the savings issue forgetting that contingencies were needed and that means that people in an IVA need hard cash to back them up.
I also appreciate that people need motivating.
As always its a balance.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
In the last 3 years (in IVA) I have received a bonus each June of approximately £2k and based on the 10/50/50 rule in the agreement paid over what's due and retained approx. £900 each year which I have put into a savings account Is someone trying to say that this can now be snatched by the IVA. I'd contest that to the death.
It's a theoretical discussion at the moment based on something that happened earlier this year.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
