Hello, I am entering into the last year of my IVA.I have received an offer of back pay from work of 9.000, my existing IVA debt is 14.000, is there any way I can keep any of this money.
Ask the company if they would hang on to it for a while. As back pay it could be argued that, had it been paid when it should, it would have increased your disposable income and been paid in over the term so far, so should now be paid in.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
In my opinion it depends on the perios the money was paid for. Any award for pre IVA would be a windfall as the underpayment of wages contributed towards the debt. Any payments for post IVA could be treated under the 10% 50/50 which would work in your favour although some may argue the money to also be a windfall.
