I had to get a car with first bonus but now worried as I have not declared it

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chase

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Post by chase » Fri Apr 28, 2017 10:07 pm
I have been in my IVA since mid 2013. In October that year i was made redundant a few months later but Payplan (with whom the IVA is through) allowed me to extend the IVA to 6 years (I only missed one payment.) meaning I will finish the IVA mid 2019. I received my first bonus this year (end of March) but I had to get a car as the company I work for are probably going to relocate & it will be further to travel. I am now worried as I have not declared this to Payplan yet as I have not had my P60

kallis3

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Post by kallis3 » Sat Apr 29, 2017 8:08 am
HI,

You need to speak to Payplan immediately as they will be wanting some of this bonus. It could potentially mean a breach of your IVA.
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

Foggy

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Post by Foggy » Sat Apr 29, 2017 8:35 am
It would have been better to explain the circumstances and seek their approval first, but, you are going to have to come clean now. They will want their share of this bonus and failure to co-operate could see the IVA being failed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

luluj

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Post by luluj » Sat Apr 29, 2017 6:35 pm
What is done is done but as others say you need to explain to your IP now so the impact can be assessed and a way forward hopefully agreed in a positive way.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

chase

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Post by chase » Tue May 02, 2017 9:21 am
Thank you for all of your comments - they are greatly appreciated. I'm a total idiot & should have told them prior to getting the car, and now risk ruining my IVA which is totally my own fault. I will let you know how i get on - wish me luck!

Foggy

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Post by Foggy » Tue May 02, 2017 9:47 am
Best of Luck, Chase. Fingers crossed for you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

kallis3

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Post by kallis3 » Tue May 02, 2017 11:11 am
Have you spoken to them yet?
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

chase

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Post by chase » Tue May 02, 2017 1:08 pm
I haven't contacted them yet - I will do it once I have finished work. I'm still waiting for my P60 as I havent received it yet, but will forward my wage slips etc.

kallis3

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Post by kallis3 » Tue May 02, 2017 1:15 pm
Personally, I would still speak to them about it 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

chase

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Post by chase » Tue May 02, 2017 1:25 pm
Foggy wrote:
Best of Luck, Chase. Fingers crossed for you.
Thank you Foggy - I'm real worried & dreading contacting them

chase

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Post by chase » Tue May 02, 2017 1:25 pm
kallis3 wrote:
Personally, I would still speak to them about it now.
I will contact them in the next few minutes - I'm absolutely dreading it

Lisa Thomas

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Post by Lisa Thomas » Mon May 08, 2017 2:15 pm
How did you get on?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

kallis3

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Post by kallis3 » Mon May 08, 2017 2:38 pm
Hope it went ok. Let us know.
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
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