Accuma Misled Me about Windfalls

[Holly]

Hunter,

I would advise re-looking over your proposal.

I work for ClearDebt Limited who also specialise in IVA’s and the majority of our proposals state that 50% of any additional income inc overtime and employee bonuses are to be contributed into the IVA, and if any windfall is received (i.e. Inheritance) then the total amount is to be paid into the arrangement.

As far as I know, these are quite common clauses but may differ slightly depending on which IVA Company has been used. It should be stated clearly in your IVA proposal exactly what the Supervisor will ask of you whilst in the Arrangement. The only time the proposal may differ is if your creditors submitted specific modifications at any creditors/variation meetings held. If this is the case, you should have been made aware of this on the day of the meeting and been issued with a copy of any modifications for you to agree and sign.

I think the first thing to do would be to re-read your IVA proposal and any modifications that may have been submitted. If you are still unsure then ask to speak to the Supervisor of your Arrangement directly.

Hope this helps.


Holly

[Qikichi]

My IVA states 50% of bonuses must be paid. Windfalls are different as they are money you do not expect to receive. Give Accuma a call as I believe they will only want 50% of the bonuses you receive.

[tracy.h]

I looked back at the origanal proposal i signed for my iva
and it states any winfall ie;inheritance ect would be paid directly to ip and 50% of all overtime and bonus would also be paid into iva,depending on amount of wage increase,would be discussed with ip at yearly reviews,i should think this would have been to set it of against incresed living expenditure ie:concil tax and inflation.
I personaly advise to everyone always check the final report and make sure it is fully understood before agreeing to sign it,as it can cause as you have found out untold concern and frustration,when the iva has already been excepted.
If you hant already done so i would check all relevant paperwork relateing to your iva,as what may have been said in a telephone call unless it was recorded isnt always usefull if a mistake has been made,as it isnt always recalled as to exactley what was said,as the person you dealt with talks to so many clients in the course of the day it would be hard to pinpoint the exact conversastion that you had,i know the company that i used told me they do not record any telephone calls.
Let us know how you get on.

Tracy

[Hunter1]

Thanks everyone for the advice.

I'll phone Accuma and find out what the situation is and let you know the outcome.

[Adam Davies]

Hi
Common sense must prevail on this one....a bonus at work should be classed as overtime and NOT a windfall.
I won over a thousand pound of holiday vouchers in a works incentive,paid tax on them and kept them.My Ip never questioned this on my payslip.
At the end of the day your bonus will be paid via your wage packet and you will be taxed on it ,so all you will pay is 50% of the net increase.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Just a point on the clarification of modifications accepted at creditors meetings.

The debtor is supposed to attend their creditors meeting - in reality this rarely happens. If you have declined to attend the meeting, leaving your IP to deal with all of this over the telephone, it is not suprising that in certain circumstances things may be lost in misinterpration.

To all of our posters in the process of entering into IVA proceeings, please make sure that you fully understand the implications of what you are signing up to. If in doubt ask the IP to send you a written copy of the modifications, as they have 4 days after the meeting to file their Chairman's report. And do read those proposals carefully - especially if your IVA is being proposed by a large volume processing firm where you have little if any contact directly with your IP.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Phil]

Hello
My proposal mentions anything over £500 windfall has to be paid in. But does not mention anything about overtime,Also no mention in any modifications.Does this mean they can take all of it.

Phil

[MelanieGiles]

If you do not have a specific overtime clause or provision within your proposal, your IP will generally review your overall financial position at the end of each yea. They will look at the amount of overtime you have earned during the year, and may seek an increase in your monthly payments as a result.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Phil]

Thankyou Melanie.I wiil try to keep some of it to one side Incase I get a whopping Bill.
Phil

[Adam Davies]

Hi
I do not agree with this type of administration of your IVA. In leaving it until the end of the year to then,possibly, increase your monthly payment, due to overtime earned, is asking for trouble.What if you do not earn any overtime the following year and you haven,t put the money aside ?? Surely the best route would be for IPs to check wage slips each quarter and then ask for the extra then.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[accgroup]

Hi Hunter

Just to let you know, I've had a look at your IVA - you have a standard clause in your IVA proposal about windfalls, as you can see from the posts above a windfall is where you receive something which is unexpected, for example a lottery win or inheritance. Bonuses that you have earned and are expected are therefore not caught under this clause.

You do not have any modifications about additional income earned above that quoted in your proposal so you are not required to pay 50% of any overtime, etc into the IVA.

Hope this helps, but please feel free to give us a call as well





AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

[bri]

What is a gift and what is a windfall?

I am interested to Know as I work in Private client and your definitions are probably different.

If mother gives me £10,000 to pay off IVA is that allowed!

[Adam Davies]

An amount of money given specifically to pay off an IVA is not a windfall,because it would not be given if the IVA was not to be paid off.So yes it is allowed.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Skippy]

A windfall is money that you come into unexpectedly, i.e. an inheritance or lottery win.

I seem to remember Melanie saying to someone else that if someone (in your case your mother) is giving you money to pay off your IVA she will need to make it clear that the money is only available to pay off the IVA, and the offer will be withdrawn if your creditors reject the offer. The other way is for your mother to give you the money as a loan which you will repay from your disposable income, meaning there is no income to pay to the creditors.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Holly]

Bri,

If your mother was to give you £10,000 to complete your IVA and this is considered a reasonable settlement offer then your creditors may accept this. Although there would have to be another creditors meeting to discuss. If this was not considered a reasonable offer (i.e – your creditors not receiving a large return on the debts outstanding) then they may request that the £10,000 is put into the arrangement along with additional monthly contributions.

It all depends on what the offer is offset against the amount that is owed.

Holly

www.cleardebt.co.uk
http://www.cleardebt.co.uk/debt_forum/