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I just entered an IVA and it has been accepted... That's great news... I agreed that I would pay 50% of extra money if this comes to my account.. (Bonuses, ect) How this does work?...

How can I save some money while I am in an IVA that all the money I try to save will be shared with the IVA company?...

I am a bit puzzled about it....!

thanks

Hi there,
I am so pleased for you...wel done[:D]
What we are planning to do is to ring our ip and pay and bonus % straight away. As for the savings what we do is:-
IVA plus dd's come out of our current account then we allocate money for food, petrol, kids clubs etc and keep that in our current account also.
Then the money we have allocated for car tax, insurance, clothing etc etc etc we transfere to our saving account. If ever we have any pennies left over at the end of the month from our food etc then we can pop that in the savings account too. We transfere £145 each month into our savings account as standard. I hope this helps [:)]

Why spend life worrying...when you can spend it smiling!!

Hi pr_s and welcome to the forum, I'm sure one of the IP experts will be along shortly to answer all your questions.

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Hi there congrats
I ring every month and they take an extra dd for the amount, this is how I prefer to do it this way as I dont want to have to save the money ask your company, they will tell you the options.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

I pay every month too. After my monthly standing order has been taken I then post a cheque for 50% of Overtime etc. It also gives me the chance to send in a copy of my monthly wage slip to show that everything is as it should be. I know some people save the money up until their annual review and then pay a lump sum but I think the monthly way is best.

I would recommend paying any extra money each month so that you don't get any nasty surprises at your review!

Regarding saving money, yes, you are allowed to save from your expenditure and you will not need to give half of this to your IP.

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The easiest way of doing it would be to pay 50% of the net amount of any overtime or commission you have earnde in the month directly to the IP.

Best Regards
Oliver

Thomas Charles and Co Ltd.
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might be best to write a cheque of each month if you get bonus pay overtime etc etc

JOHNPAUL

You talk about all of your saved money, but creditors are only asking for 50%! Difficult to say that this is unfair!

In my practice I ask clients to send us their wage-slips every three months so that we can calulate the extra monies at an early stage. I also have clients who like Ang, pay over the money each month which is far better. If you feel that there is a risk you might be tempted to spend this money, then I suggest you pay it over as soon as it has been received.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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