Hi, we started our IVA on 24th March which was the date of the creditors meeting. However, my husband is paid each month on the 22nd March and he received his yearly bonus in his March pay. We did not declare it as we did not know the outcome of the IVA until the following week and didn't sign the final agreement until 24/3/14. As we had not missed a payment to any of our creditors we were still paying them all up until this point and the extra money went to pay our debts which come out on 22nd of the month.
We are up for our yearly review and they have requested March 2014 pay slip. We are worried that we should of declared it. My husband is due another bonus this March, which we are going to declare as soon as he receives it.
Any advice on whether we have breached our terms and conditions
Hi and welcome to the forum , I can't really advice as I'm still waiting to start mine but I'm sure someone will be along soon it would be un fair IMO as the bonus was prior to starting Iva and even then used to pay creditors to date seems common sense so fingers crossed it works out for you
I would agree with Slowlygoingunder, that, as the money came in before the iVA was agreed there would be no need to declare it (unless we are talking mega bucks). In any event the money went to the creditors mostly anyway.
Who are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If it came in before the start, would it not be classed as cash in hand that does need declaring as an existing asset? I think we had to provide bank balances.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by relieved33
If it came in before the start, would it not be classed as cash in hand that does need declaring as an existing asset? I think we had to provide bank balances.
It depends upon the amount and the individual IP's approach. As it happens, we didn't have a couple of pennies to rub together, but I don't recall being specifically asked.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You were paid the bonus prior to the IVA, it's yours to keep.
You must accurately declare your circumstances prior to the IVA, so you could argue that this bonus should have been declared the moment you knew about it.
However, unless it's a game-changing amount I think it's unlikely to have any bearing and I'd just keep it.
The road ahead can be a bumpy one, a little nest-egg can be a life-saver during an IVA!
it would be un fair IMO as the bonus was prior to starting Iva and even then used to pay creditors to date seems common sense so fingers crossed it works out for you
