Hi all, i was wondering if anyone could tell me the chances of my IVA proposal being accepted. My proposal is being drawn up now and based on my 'basic salary' my disposable income is around £200 and i have been told my monthly paymentwill be around £230. The query i have is that i never earn my basic salary as i get paid an enhanced rate for working weekends and weekday nights. However there is always the possibility that work could dry up and i would end up working midweek days and just earning my basic salary. Do you think my IVA proposal should be based around my basic salary or what i've actually been earning, at the end of the day i'm going to be making regular extra payments due to the 110% rule but would not have to worry if the work dried up and i was stuck with a highermonthly payment.
I think i'm going on a bit now so i'll leave that with you any comments would be appreciated !!
If the extra money is not guaranteed then it wouldn't be wise to include it in your standard monthly payments. A lot can happen in five years, and you need to make sure that your IVA has the best possible chance of completing successfully. Any additional income will be dealt with fairly as detailed in your proposal.
I can't give you my opinion on how likely the IVA is to be accepted without knowing who your creditors are and what dividend your proposal offers, but I'm sure your IP would only propose an IVA if they thought it had a high chance of being accepted.
My creditors include lloyds tsb,halifax,vanquis,capital one,clydesdale,santander. If i was to make the minimum payment of £234 they would be recieving 52p in the pound but with the regular overpayments it could be as much as 80-90p. As good as that might sound for the creditors i'm still feeling anxious as to whether it will be accepted or not !!
just make them use your guaruanteed wage for your basic payment and then any xtra you do manage to get will be dealt with via the overtime clause either 50/50 or the first 10% varity.
your projected 52p/pound is still a very good offer so dont worry about that not being enough as its the best guarenteed offer they are gonna get.
good luck
cc received 6th January 2014 now upwards and onwards
Hi Strapped, it is absolutely right that your proposal is based on your guaranteed income - your creditors wouldn't want a proposal that commits to something that could change at any time. By the sounds of it you are offering them a very good dividend with the potential to offer them much more over the term so I would try and relax a bit more if I were you, nerve-racking as the whole process is!
Fingers crossed for you.
Hopefully you have an excellent IP representing you who will have put your best case forward so you can leave things to them and
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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I hope it goes through for you and gets you on the road to recovery. Your'e offering a good dividend with the possibles of extras so there's every chance of success.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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You should insist that your IP works to the £200 you say you can afford, rather than squeezing you for a further £30 which you may have difficulty in paying and could therefore induce an early failure of the IVA.
thx guys !! i'm sure i'll be popping back to this forum many times over the next 60 or so months !! If everyone in the world was as helpful and supportive as the people on here the world would be a better place !!!
Good luck strapped. Melanie is spot on please only budget on your basic salary. I assumed I could do overtime whenever I liked and this could be used to ease things during my IVA. 18 monts on and the OT has dried up and am lucky I was not totally dependant on it.
Yes, listen to Melanie - if your disposable income is £200 per month to the penny - where will you get the extra £34 from????
It's really important to sit down and look closely at your income and expenditure. And make sure you include everything you spend. Then you know what you can afford to pay as your IVA monthly amount.
Up until now you will have been able to fall back onto your credit facilities when money gets short but as soon as the IVA process starts you won't have access to any credit and you need to be ready for this.
sorry my mistake !! my disposable income is £234 which will be my monthly payment and out of that will come my fees , meaning around £200 will go to my creditors.
Your IP would not be putting forward an offer if they did not think it would be accepted and £234 payment is quite a decent one.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
