I am confused here ,not easy to do as my mind has been spinning for a few months now !
But I go through this forum and see mention of "uplifts" .
What are they ? Do I need to worry about them or are they something my IP will advise me about ? I have just returned draft proposal to my Ip and am awaiting date of meeting .
Uplifts are extra payments made into your IVA, windfalls, overtime, bonuses, that sort of thing.
You only need to worry about them if you do get any extra dosh over and above that stipulated in your proposal.
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
There may be a requirement to make extra payments into an IVA on approval, but most of us refer to uplifts as anything extra that needs to be paid during the IVA.
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
An uplift refers only to an increase in your standard monthly contribution. For example, if you proposed a mobile phone expense of £100 in your proposal, its likely creditors would modify your contributions up as they feel £100 is excessive for a mobile phone, therefore they would probably allow you £50 for this expense and 'uplift' your contributions by the remainding £50. This would be an uplift at approval stage.
Secondly, once your IVA is in place your IP will conduct an annual review each year. At this time, if your financial circumstance improves, your IP will again 'uplift' your standard contributions to better reflect your new affordability.
Windfalls and additional incomes such as bonus and overtimes are NOT uplifts, and are treated differently to such as specified in your proposal.
The long and short is yes, your IP will notify you if your creditors/he/she requires an uplift in your standard contributions, and will supply you with an explanation of why the uplift has been occured.
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
Hmmmm, I hope that comment is not aimed at me Kallis when I have only offered a concerned individual genuine and accurate advice.
I have worked within IVA's for over 5 years and currently autherise any 'uplifts' proposed by creditors at proposal stage and therefore feel I have the knowledge and experiance to advise Shane correctly.
Please can you unblock my previous account as I'm sure anyone with access to the forum can see I have not breached any of the guidelines to the forums in my posts. In fact, I offered a concerned individual advice, is that not the point of these forums?
I am now going to assume the comment was aim at me as my second account has been banned.
Rather than simply banning accounts, how about offering an explanation as to what I have done / am doing wrong to give me a chance to respond or defend myself?
You have posted under many names and are not a genuine poster.
With apologies to Shane, I am now locking this thread.
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
