hi can you help? im under a iva started 7 months ago.. the question i have is ... first of all
im not realy good with paper work or understanding forms.. what it is is a got bonuses at work one for £700 and another one at £400.. and a few £50 pounds along the way i will never get a bonus like this at work again.. the problem i have is i did not let my ip know... im a bit worried what can i do please help
First of all do not worry about your IP. We are here to help our clients, but you will need to declare the bonuses. Your IVA proposal probably states that you need to pay over 50% of these to your IP, but you may be able to keep 10% of your normal basic salary before this percentage is calculated.
Give them a call on Monday to see what you need to do, but have you already spent the money?
without knowing if there are overtime clauses in your agreement its hard to judge.
if its like mine then i have to hand over 50 % if i go above a certain amount.
i would come clean with your ip-you dont want any hiccups if your iva has run smoothly so far.
if you are found to be owing they may be prepared to let you pay this in installments but you wont know til you ask.
dont sit there worrying enjoy your weekend and do the call/email on monday morning
we are here if you need us [:)]
hi guys! thanks for the advice.. i will call them first thing monday morning.
and to your answer melina yes i have spent the money... can my iva fail beacuse of this?
i have been paying my monthly installments on time..
You may find that your IP can tag what you should have paid across either onto each monthly payment, or extend your IVA by a few months at the end.
Have a chat with them tomorrow and see what they say.
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
