www.iva.co.uk

Today I woke up to £435 in my account from child tax credits, no idea what is for as we only get £41 every 4 weeks. I managed to get through on the phone and all they could say was that it would be an underpayment from the past.

Will I have to give the whole lot into the IVA?

If you had been getting it correwctly, along with your regular TC payments, it would have increased your disposable income and gone into the IVA, it can be argued that, yes, it is due to the IVA now as additional income. You will need to check with your IP how they are going to treat it. If they treat it as additional income they should only take about half. If they treat it as a windfall (which is how I would view it, being not strictly work related) they should allow you to keep all of it as it falls under the £500 trigger amount.

I was thinking they would take the lot so anything is a bonus. I know I am also owed tax as I over payed that last year too but still waiting for it to be calculated. Honestly if all this had come to us when it should have done we probably could have stretched out a bit longer without jumping into doing an IVA. 6 months after starting it and my husband has been offered a job that would have meant no problems clearing our cards on our own

Thu Aug 29, 2019 3:30 pmDebtbuster wrote:

I was thinking they would take the lot so anything is a bonus. I know I am also owed tax as I over payed that last year too but still waiting for it to be calculated. Honestly if all this had come to us when it should have done we probably could have stretched out a bit longer without jumping into doing an IVA. 6 months after starting it and my husband has been offered a job that would have meant no problems clearing our cards on our own

Thems the breaks --- maybe you could have 'stretched it out a bit longer, maybe the job offer wouldn't have happened. You were in a jam and did what you thought best at that time -- if we had a crystal ball each, none of us would be here. Some (many) aspects of living in an IVA are a pain, but, at the very end -- they are worth it .... you have a date in the future when you know you will be debt free --- you will owe no-one anything. Had you slogged on, that day would probably never happen. Keep your eyes on that goal.

Well said Foggy, thats an IVA in a nutshell, although I have finished mine it still amazes me to think I don't owe anyone anything - six plus years ago I thought there was no hope for me.

IVA company have come back and said it will be classed as a windfall and will have to be discussed about what will happen? Do the let you keep any of a windfall or is it different for different companies?

Check your paperwork - normally if it is under £500 it is yours.

Fri Aug 30, 2019 11:01 amDebtbuster wrote:

IVA company have come back and said it will be classed as a windfall and will have to be discussed about what will happen? Do the let you keep any of a windfall or is it different for different companies?

That's good news -- as Kallis says, check your proposal. If you have the usual windfall clauses under £500 and it is yours to keep.

I hope they come back quickly

Have you checked your proposal?

Not at home at the moment so no access to them until lately. They said it needs to be discussed with the supervisor

You still need to check it.

We have been allowed to keep half of it

Fri Aug 30, 2019 3:37 pmDebtbuster wrote:

We have been allowed to keep half of it

Is he still calling it a windfall ??? If so -- do check your proposal.

I agree with Foggy and I would certainly query this.