www.iva.co.uk

CPP (Card Protection Plan). My partner and I are in a joint IVA and have received payout cheques (after assumed tax) from CPP. On the back of the letter it says the cheques should be forwarded on to IVA company if in an IVA but surely the cheques would need to be paid into our bank account and then we make payments over the phone to the IVA company? Also, the IVA provider says we are allowed to not disclose, and can therefore use, monies within 10% over the monthly income amount they used at outset and annual reviews. If the CPP payments fall within that 10% do they still have to be paid to the IVA company?

The 10% only applies to earned income ( overtime, bonus payments, etc.). This refund is an asset and so the lot is payable.

As for the payee -- the IVA usually creates a trust and the IP is the trustee, so cheques made out to you can be paid into that trust.

Learn something new every day as they say, good information Foggy re the cheque.