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I am due an annual bonus of £780 (after tax etc) in december which is drastically needed for christmas as we have 2 children and as we have had financial difficulties this year we have been unable to put any cash aside.

If our proposal is accepted then would we be able to begin the 60 monthly payments as of january allowing us to get through this christmas yet allow us a full year to save for next christmas and start to put in the 50% of the annual bonus each december following?

I have spoken with my ip who has said that we only need to start paying into the iva the month after it has been accepted although I am dubious. I don't feel I could consciously spend this knowing I may have to pay this back

It is true,usually 1st payment due within 28 days of the IVA been approved.

Hi ther
Your bonus will be yours if it comes through before the agreement of your proposal if after then it would depend on your proposal regarding bonuses if 50% then I would think that would be due.. Yes your first payment is due within one month of the meeting, mine started at the same time last year my meeting was the last day in december and first payment was Jan 1st. If your Ip says it is yours to keep then just ask for confirmation in writing explain that it is worrying you they may ask for it later.Keep your Ip in the picture and you should have no problems anything you are unsure about ask and if you dont understand ask again.

Hope that helps

Ang

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

Ask your IP when they want the payment to be paid by. In my practice we like to see payment within 15 days of the creditors meeting, and I often ask for the first payment to be made when the proposals are signed as a gesture of goodwill and commitment.

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

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