www.iva.co.uk

I've been told I will receive a performance related bonus in November. It is likely to be about £500. What would I do with this? Do I give it to my IP? There is nothing in my report about bonus', it just says I have to give all windfalls straight to the IP.

Thanks

You will need to speak to your IP about this Poppy. Under the terms of my IVA I had to pay 50% of any bonus to the IP.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Hi
It should fall under the 50/50 clause and not a windfall.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
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Thanks. I'll check with my IP to be sure. It would be great if I could keep half as I desperately need new clothes! My £12 a month clothes budget doesn't go very far - even in New Look!

A £12 per week clothes budget is ridiculous. Fight your corner on this one and tell the IP you need to keep all of it - but as Andy says if you have the 50% uplift modification, you will need to pay over half of the money (after tax and NI).

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

How can anyone be expected to buy clothes for £12 per month? You'd be hard pushed to get anything decent in Asda for that.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

only £12.00 for colthes... good god

Yes, it isn't much. It was originally £10 but they increased it to £12. When it comes to my annual review I am hoping they will increase it.

Poppy

You need to be more forceful with your IP about this figure at the time of the next review - you should have at least £50 per month for clothing.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi Poppy
£12 a month for clothes?
Is your IP living in the real world?
You couldn't buy a decent bra for that, let alone a pair of shoes/coat/suit for work/pair of jeans etc!! You must insist they increase the amount you're alllowed; it really is incredibly low!
(btw we are allowed £100 for 5 of us, although that doesn't include kids' school gear which we get extra for)
Good luck!
Blue

£12? Is is just for one? It did actually seem low until I thought abouts ours. We were only allowed £10 each for 6 of us plus an extra £10, so we get an allowance of £70 pm. No wonder I struggle with school uniforms etc [:(], and why all my white underwear has now got a nice shade of grey [:0] [:I].

Gosh Blueshoes, how did you manage to get £100 plus extra for school stuff??? We have had £70 now for 3 years so perhaps we should look at trying to up it for our next review? It would certainly help as my 4th child will then be starting school so it will be an extra uniform etc to buy.

I had (and still have in BR) £40 per month

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

It's all about using a realistic IP who will put forward the justification within the IVA proposal and fight for their clients on the day of the creditors meeting. And also one who is completely realistic at annual review time.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Melanie, I was interested to read your previous posting about the extent to which an IP 'fights' for their client. This relates to a question that I have been meaning to ask. During the process of setting up my IVA it was reinforced to me that the IP must be 'neutral' i.e they are acting in the interests of BOTH the debtor and the creditor and therefore, one would assume, cannot 'fight' for their client. To what extent then is the case?

Debbie

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

Well I guess that there are some who do and some who don't. At the end of the day if the IP has put his/her name to a proposal, they want to see it through as it is in their opinion the best option for debtor and creditors. It is a matter of personal pride for me to make all efforts I can to get creditors to agree to a debtor's propsal.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp