Getting extra money before & possibly when in IVA

[Ted2012]

Afternoon all,

Quick question if I may? Infact its two questions.

Bit of background, my DH and I are going through Payplan down the IVA route. We have sent off most of the documents but have a few more to forward this weekend.

First question is related to a ppi claim i put in a few months ago, i received a settlement figure this morning for £922, what will happen to this? They said I should receive the funds iwithin 4 weeks. Is our IVA likely to be up and running by then (if accepted). 

Secondly is also money related. I do exam marking every year and earn about £750 (after tax) how is this factored in? I have get contracts so it is not guarenteed work but this summer I was lucky enough to bet a contract. I think I get payment in July.

I was hoping to use some of the money to repay my Dad who helped us with our mortgage last month and I need my boiler servicing.

Any help gratefully received
TD x

[Adam Davies]

Hi
I think the lump sum from the PPI claim will have to be declared and will go into your IVA pot. If the IVA is not up and running then you will still have to declare it to Payplan and take advice from them as to how to deal with it, they may agree that you can service your boiler with some of the funds

The extra work that you do should be declared when you earn it and usually you will be able to retain at least 50% of it.

Clarify everything with Payplan before you agree to the IVA

Regards

[Ted2012]

Thank you!