Will the IVA take my back pay ?

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Jamesdt56

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Post by Jamesdt56 » Fri May 15, 2015 2:37 pm
I currently have an IVA and am due a large backpay from my job, will the IVA take the entire amount?
 
 

Michael Peoples

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Post by Michael Peoples » Fri May 15, 2015 2:45 pm
This really depends on how it is treated. If it is deemed a windfall you will lose the lot but if treated as income under the 10% 50/50 rule you would get to keep some. You could even calculate it had it been paid monthly meaning even less would be payable but discuss this with your own IP.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

thisusernameistaken

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Post by thisusernameistaken » Mon May 18, 2015 12:36 am
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples

This really depends on how it is treated. If it is deemed a windfall you will lose the lot but if treated as income under the 10% 50/50 rule you would get to keep some. You could even calculate it had it been paid monthly meaning even less would be payable but discuss this with your own IP.
I would suggest this too; calculate what you'd have been entitled to keep if the party had been paid correctly; it's only fair in my view.

I've actually turned down a new job with higher salary and bonus because I worked out a quarterly bonus would mean I'm several thousand a year worse off because of the way the 10/50/50 works.

It's a shame as it would have been a great career move.
 
 

Adam Davies

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Post by Adam Davies » Mon May 18, 2015 11:10 am
Hi

It is a shame that a persons career is halted from progressing because of an IVA. There should always be an incentive to better yourself when in an IVA

Regards
Andam Davies
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