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evada885
New Member
1 Posts |
 Posted - 09 March 2010 : 18:59:26
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Hi everyone.
Just looking for a bit of advice please, been in an IVA since Summer last year and its been pretty tough(as im sure most of you will agree) My employers have recently conducted a Job review and decided that I have been underpaid since 2007. So I m due some backpay.
Would like to know how much of this(if any) i would be able to keep as we need some new household items(washing machine,fridge, kitchen carpet)
Obviously Iam happy to pay some into my IVA as I would like to pay as much back as possible but wondered if there is any flexibilty on this.
Personally I dont see this as a windfall, more what I am due and the payments are due from long before my IVA began.
Obviously, I would contact my IP and re do a fresh I & E for subsequent monthly
payments.
The figure involved is not masses somewhere around two thousand.
Any comments/advice would be greatly appreciated.
Thanks again |
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Darkdog
IVA Junior
5 month\s down 55 month\s to go.
United Kingdom
127 Posts |
Posted - 09 March 2010 : 19:24:43
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hi evada885,
I think that back pay, bouns and commission would fall under the windfall clause and thus all paid to the IVA, however you should speak to your IP and see if there is any flexibility in your proposal for this. |
many a mickle makes a muckle ...... if only I hadn't spent all the mickles |
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Andy Davie
Administrator
IVA completed.
10766 Posts |
Posted - 09 March 2010 : 20:33:30
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Hi
It will be classed as a windfall but you may be able to hold some funds back for essential repairs or replacement of essential equipment. Speak with your IP
Regards
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Andy Davie, IVA.co.uk spokesperson and a Debt Advisor
If you need any help or advice about the various debt solutions available please contact me via my website at www.andydavie.com
Author of "Real life IVA stories" and Debt Counsellor of the year finalist 2010 |
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janjan
IVA Campaigner
15 month\s down 45 month\s to go.
United Kingdom
208 Posts |
Posted - 09 March 2010 : 20:41:05
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Hi
I received backpay two months after starting my IVA. My IP allowed me to keep most of the money for a new boiler as it was an essential item. I had to send them written estimate and then the invoice as proof of purchase and work.
If your fridge is not working, I would class this as an essential item.
Good luck when you discuss with your IP.
Janet |
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MelanieGiles
IP
30800 Posts |
Posted - 09 March 2010 : 21:48:11
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| The answer will largely depend upon the wording of your own individual proposal. Personally I would treat this as exceptional income and not a windfall, so you would get the benefit of hopefully retaining at least 50% of the money for the things you need. If you would like to retain any more, then you will need to negotiate with your IP. |
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp |
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kallis3
Moderator
27 month\s down 33 month\s to go.
United Kingdom
35545 Posts |
Posted - 09 March 2010 : 23:06:39
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If I have any backpay I am able to keep the lot.
I think it depends on what firm you are with. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
27 down, 33 to go.
Jan
xx
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Will my backpay have to go into my IVA?
