Hello, I'm newly registered here, but have been reading the forum as a guest for months. All the info proved invaluable in my tumoiled state of mind, juggling the £32k in debts as a newly single person (previously manageable whilst with the ex.)
My IVA has been agreed, fairly smooth sailing too as I had been so prepared after reading on here! My first payment went out yesterday.
Couple of things have occured to me today which I'm not 100% on and wondered if anyone might know - I have been notified today that I am due a refund on my gas/electric as the direct debits have been reviewed. Would this be something I need to mention to the IP? Direct debits will remain the same, but due to previous invoicing errors, I now have a high level of credit so they are refunding me almost £200 between the two utilities.
The other thing is aound travel, the lowest travel to work for me has involved a season ticket and my work do an interest free salary advance option to help with buying annual passes. They deduct a monthly amount equivalent to what the pass would be. Currently I have an annual pass for £849, with £70.75 taken out of my wages each month. The outstanding balance wasn't considered to be included in the IVA so I am guessing it's not thought of as a loan. When my pass renewal comes around, is this going to be sticky ground as it's "credit" over £500? The policies at work are that the money can only be used for a travel pass, evidence has to be shown as such to my approving manager. If a pass is not agreed, my travel costs would increase by £50 a month. Thinking ahead, if my monthly travel went up would this be reviewed by the IP or would it be expected to come out of my allowance?
Welcome and please do ask your questions. We are here to help!
Utility refund - I would personally put it into a rainy day account and leave it there 'just in case' during the year but others may say it is classed as a windfall and therefore should be handed over into your iva pot for creditors. If in doubt ask the question with your IP.
I would think your travel to work is fine and is easily explained at annual review time - again if in doubt get the IP to put the answer in writing to you to support you during your iva review process.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree there is nothing to worry about. The utility refund could be looked at as a windfall, but falls under the de minimis amount of £500, so you should be able to keep it. The pay advance should also be OK as it isn't actually credit as such.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
