www.iva.co.uk

Hi, I have been an IVA 'sufferer' for 3 years now and the time has come for me to inform the company of my bonuses, which I have spent

Last year I did the same and they put my payments up by £40 a month. Do you think they will do the same this year or am I going to prison?

Thanks in advance

Hi richrrd

Welcome to the forum.
You have until the your review, I believe, to pay the amount required into your iva.

I am sure an expert will correct me if I am wrong but I think this is the case so you would be ok paying more in a month or saving and paying in a lump sum.

Contact you IP if you are in any doubt and they will confirm.

With regards to being an 'iva sufferer', the thing an iva has done for me is to give e a fresh start and I do not believe I am suffering at all. I am just grateful for a second chance as 7 months , or so, ago I could not see any way out of the mess I was in[:(]
Now thanks to my iva I am in a much happier place financially and emotionally.

Good luck and I hope you get sorted

Hi rich -

Not wishing to sound mean - but I assume you have the 50 / 50 agreement on bonuses?? Why have you not paid over the 50% to your IP as soon as you received the bonus - it makes things so much more straightforward!!! You are left with your share of the cash and can rest assured that you have fulfilled your side of the arrangement. Otherwise- if you keep the lot - you are left playing "catch-up" to meet the additional payments required as set out in your agreement.

I pay 50% of everything extra over as soon as I get it - Overtime / Bonus etc. - it seems the best way to me.

Hi
You won't be going to prison and I'm sure that your IP will agree another repayment plan,trouble is that you are just making your IVA payments harder and harder.
Next year pay over the 50% straight away so that you are not tempted to spend it
Regards

From an IP's point of view I am always prepared to give a client the benefit of the doubt one year, but rarely a second. Don't be suprised if they are quite cross with you, and that you get a default notice served on you unless you are able to give a good reason why the monies have not been paid over when they were received.

If you feel that you are a "sufferer" are you sure you want to continue to suffer for the next two years or more? Or is bankruptcy now perhaps a better option.