www.iva.co.uk

can i have a holiday when in an iva(with family type holiday, not a holiday payment)& pay this with a windfall i may receive. & therefore not pay the lump sum to the IP . as i believe it, you are entitled to certain standard of living & having a holiday would conform to that point. Therfore the windfall would infact be mine & not the creditors. Is this an angle i can work on or do i pass 50% of the winfall to the creditors & not have a holiday?

Hi chrisn and welcome to the forum

No - you much pay over all monies received as windfalls to your IVA Supervisor in accordance with the terms of your proposal. There is a price to borrowing money which you cannot afford to repay - and giving up holidays is unfortunately one of them.

Regarding windfalls - you also need to hand all of the monies over to the Supervisor and not just 50%.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi
I can understand you wanting a holiday,not only for you but also for your family.However this is one of the things that you have to go without whilst in an IVA.Its tough but a price well worth paying to become debt free in five years.
Why not plan a nice family holiday for when you finish your IVA,you will be able to fund this from your disposible income that you will no longer have to pay into your IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

You are entitled to certain standard of living in an IVA, this is true, but just what is this "standard of living" is a very subjective and emotive topic. I would agree with Andy - holidays are something that you have to do without. I am "on holiday" at the moment - sat inside writing messages on IVA (on a narrowband connection to save a few extra pounds a month). And the sun is shining outside....I might even open a window [8D]

Hi Andy,
can a holiday not be funded from overtime as i thought you only paid 50% of overtime money into an iva,and the other 50% was kept for your own personal use,so if you wanted to keep this for family holidays then you could
Im aware that there is a difference between a windfull ie:iheratence or wage increase,but from reading other posts is half of all overtime not allowed to be spent on what we like.it just seemed strange to say you couldnt have holidays whilst in an iva,or did you meen a holiday just couldnt be funded from a windfall.
Tracy

Often 50% of overtime, bonus and commision will be allowed to be retained by you. In this instance you could use that money to fund a holiday if you so choose to.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi Tracy,

I believe that the 50% which you are allowed to keep is yours to do as you please, however I personally would keep this aside for any emergencies that could arise within the 5 years as you never know what could or may happen.

But a holiday always recharges the batteries so to speak.

(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

Hi
Just to clarify
I am not saying that a holiday is NOT allowed during an IVA but it cannot be budgeted for in your normal living cost.If you earn overtime ,then yes ,you are free to do as you wish with your 50%
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Hi coco,
I agree but i soppose for some being able to have a break im not talking abroad but even a week at the seaside will give more incentive to do overtime especaily those with a young family,and also the creditors benefit as they are paying more of off there debt
Oh well just a thought,maybe the suns going to my head

Yes I would say it can't be included in expenditure/annual reviews. Also the 50% of your additional income can be diverted to it but usually I would imagine that gets gobbled up elsewehre. But there is nothing to stop a relative paying for you to go on a family holiday or saving up Tesco clubcard points for one.

Hi
I actually found the thought of a holiday was a way to get through the year,at least there was something to look forward to[apart from the end of the IVA]
Mine was funded by my mother and father in law
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

I was told that i can actually take payment breaks for things like a holiday or car repairs, as long as i pay 60 payments over a period of i think 65 or 70 months, Not that I would take a break to pay for a holiday as i cant wait to pay it off, but have i been wrongly informed? I am just saving whatever i can each month to pay for a holiday.

On the road to recovery IVA accepted
60months to go

Some IVAs will allow payment holidays / breaks but these would usually only be used if mitigating circumstances caused someone not to be able to make their monthly payment.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Oliver is correct that it is possible to arrange a payment holiday but this would need to be discussed with your I.P, as this usually occurs when the individual involved has had a change of circumstance (e.g. lost their job etc).

Hope this information is of use

Regards. IVA Experts

why not try the £9.50 holidays offered in the Sun newspaper.Although, not in iva yet, my family and i have been on quite a few, and they are great value.