www.iva.co.uk

Hi,
I got £147 after tax xmas bonus and my IP says I need to pay 50% into my fund? Is this right or does it come under a windfall?

Rgds,
Peter

You will need to check the terms of your IVA, but it sounds more like a 50% uplift issue than a windfall.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Thanks for the advice? What normally counts as a windfall??

There are lots of things - lottery wins, inheritances etc, but basically it is any money or assets which come into your hands which could not have been envisaged at the time you took out your IVA.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Just out of interest, if I had (been lucky enough to!) won £50,000 on the lottery when my debt is only £16,000, what would happen there?

You would ask your IP for a settlement figure and pay that over, keeping the balance to spend spend spend if you like!

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

So, basically that settlement figure would clear the IVA and that would be the end? (save for some administrative signing off I assume)

Yes - that's about the height of it!

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Surely a xmas bonus would not have been invisaged as they are discretionary? Would my IP also incur costs for the sake of distributing £73.50 to my creditors?

I am afraid that your IP has to stick to the rules. A bonus is a bonus, and you will need to hand 50% over to avoid being in default of your IVA terms.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi
Your IP is duty bound to demand 50% of your bonus.
A windfall would have to be paid in full,unless you have the clause stating that you can keep the first £500,and I guess that you have this particular clause.
Your IP is correct in this instance.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

andydavie wrote:

Hi
Your IP is duty bound to demand 50% of your bonus.
A windfall would have to be paid in full,unless you have the clause stating that you can keep the first £500,and I guess that you have this particular clause.
Your IP is correct in this instance.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

yes first £500.00 is typical. Payplan and CCCS seem to be quite relaxed about it. Payplan have told my wife not to worry too much over this sort of sum, and are more concerned over changes at the time of the annual review.