Currently in the early stages of an IVA collecting paperwork and I may be entitled to some backdated money from work in a lump sum. My question is do I have to declare this to the creditors if I havent had my iva approved yet.any advice welcome
no you wont as its pre iva,i had similar backpay due from salary rise that was agreed before my iva was approved.
i did not have to pay any of this in up to the date of my iva being accepted
cc received 6th January 2014 now upwards and onwards
But if the cash is sitting in a bank account at the time the proposals are submitted to creditors that would need declaring and probably paying into the IVA. How much are you talking about?
Thanks for the replies, were talking bout £3000-£5000 which at the moment would come in very handy for getting the jobs around the house done. Mel if I was to pay it into the iva would it be the full amount or is that dependant on what the proposal would say.again thanks for your time
Are you likely to get the money fairly soon? If so I would get all your jobs done now.
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
Not necessarily, I know if I had jobs that needed doing I would use at least part of the money for that.
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
proberbly would have been used to pay creditors but it still wouldnt have much effect on the overall debt.
my back pay was 3 months worth (not a lot either)and this was paid after my iva was accepted.
as it was for a period before the iva they said it did not count.
you are not liable to add anything to the iva untill its been approved.
like saying why did you not save all your money in the previose years if you was going into an iva.
cc received 6th January 2014 now upwards and onwards
I would probably allow you to keep around £500 for a contingency fund, with the remaining sum being paid to creditors, but your own IP may have different ideas.
