Hi,
Hope you all had a good Christmas. Does anyone know if it would be acceptable to join a company sharesave scheme whilst in an IVA? I would only be saving a very modest amount of around £25 a month, and this money would come from my "share" of my overtime, which is pretty much guaranteed to me every month. The scheme would mature after the end of my iva, and I would be able to buy company shares at a discounted rate, so would therefore stand to make a profit on my savings. Would any of this be due to the IVA? I was wondering if anyone could advise, as I'm now with Creditfix, and have not been able to get a response from them about it yet. to be honest, Ive joined the scheme anyway, as there was a deadline, but I can cancel at anytime if necessary. Thanks
I would think that as long as you can pay into the scheme without asking for a reduction in your IVA payment then this would be permitted. I do not think that they will deduct it from your overtime though.
Hi. As long as these shares are paid for from already agreed allowances or, as you say, your share of extra income and they will not mature within the life of the IVA, there should be no problem.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you, I thought so. It seems fairly logical to me.I wouldn't be asking for my payments to decrease, or putting it forward on my i&e. Its just that with the end (hopefully) in sight, it would be so nice to start looking forward to our debt free future, and have a little nest egg waiting at the end of it! I was just worried that if ive made some kind of profit from an investment that I started in the iva, they could say they have some kind of claim on it.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Hi. As long as these shares are paid for from already agreed allowances or, as you say, your share of extra income and they will not mature within the life of the IVA, there should be no problem.
Not sure how this would stand Foggy as the shares could be seen as an asset of the IVA as the agreement to purchase is made in the term of the IVA and the share price is (hopefully) increasing during the IVA.. Her indoors asked the same question to our IP some years ago and they said the profit from any share save scheme would have to be paid over in the same way as any PPI refund after the IVA finished would have to be paid over..
I think it would be ok as coming from your allowances however I would get your IPs opinion first to ve assured. Best to know now if it will impact as you may be better off keeping the £25 in an account each month.
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Well just to update, I have finally had a reply, but I'm confused. It says it "would be classed as a saving therefore it is not an allowable expense while you are in your arrangement"
I'm quite confused by this statement and I've asked for clarification. The sentence doesn't really make sense to me!! Ive said I'm using my share of overtime payments that I receive every month, and I wouldn't expect to claim it as expense. I thought it was up to me what I spent it on? I thought saving was encouraged during an iva too. Do you think they've just misunderstood?
They have not listened. What they mean is that they would not agree to an allowance towards savings (although the emergency allowance of a princely £10 per month I was allowed was saved).They have no say whatsoever on what you do with your agreed share of overtime.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Lou74, I was PJG now Credit fix, although final payment made in Oct so just waiting for CC. Two years into my IVA I go a promotion which resulted in my income increasing by about 600 a month. As I only needed to pay 50% to iva I asked Mel if I could contribute to share scheme and she was fine. As Foggy says you won't get an allowance and the £25 will be added to your net salary when they calculate disposable income.
Mel also confirmed it would not be an asset of IVA as paid out of my own money. It doesn't mature for a while so not consideration anyway.
Thanks for that Why Me. Good to know, and makes perfect sense to me. Thats's the thing, you always knew with Mel that common sense would prevail. Sometimes I feel like I'm talking to a robot with Creditfix. As you say though Foggy, I'm sure they just haven't read/listened to my question properly. I've asked it again, so hopefully it will be ok!
Saving may not be an allowable expense within an IVA but you are perfectly entitled to save your own allowances. This is not going down as an expense on the I&E so someone has got their wires crossed.
