www.iva.co.uk

Posted: **Sat Nov 24, 2007 5:03 pm**

Hi. I have just started my IVA and payments have been set. i have managed to get a better paid job now. Will I have to pay all my extra income or will my payments remain fixed at the old level. Also, once the amount that has been accepted by my creditors has been set will this remain the figure that has to be paid back, so if I pay more now will it end sooner or will the creditors get more back? Thanks

Posted: **Sat Nov 24, 2007 5:06 pm**

Your IP ought to readjust your payments in view of your pay-rise, but this is generally done at the end of each year. Is the increase significant?

You will only achieve an earlier settlement if you are able to pay all of the debts back in full, together with the IP's own fees and costs.

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

Posted: **Sat Nov 24, 2007 5:21 pm**

When this happens is it backdated? - or are the revised payments set for the new year after the I&E review[?]

Posted: **Sat Nov 24, 2007 6:03 pm**

For my clients, this is rarely backdated, but other IPs may have different opinions.

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

Posted: **Sat Nov 24, 2007 6:21 pm**

this happened to my husband and we have to pay back 50% of the difference between the old and new salary, I got this checked by my IP and they are confirming it in writing just for our records

Posted: **Sun Nov 25, 2007 4:38 pm**

How can it be that different practitioners make you pay different amounts. Surely it should either be backdated or not?

Posted: **Sun Nov 25, 2007 6:15 pm**

Welcome to the complicated world of Insolvency Vanessa!!!
Policies,clauses,rules and their interpretations vary from one IP to another and from one proposal to another.
It is very hard to give a difinitive answer to a question because of the above,however we can give you our opinion based on discussion and experiences of this forum.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: **Sun Nov 25, 2007 8:12 pm**

You're probably right that it should all be backdated, however some IPs are more reasonable than others. Some of us recognise the sacrifices that some of you make when entering into an IVA, and like to cut a little slack occasionally. In my experience this can make the difference between a case which runs its course over the five years, against those which fail because the debtor feels contstantly pushed into a corner.

Just a personal opinion!

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

Posted: **Sun Nov 25, 2007 9:35 pm**

Wish our IVA was with Melanie! that would have been great to keep the extra money, still 50% is better than giving it all over.

Posted: **Mon Nov 26, 2007 3:56 pm**

If the increase is all inflationary the IP might be lenient and may not ask for any increase or backdate of any sort.

Inflation based on retail price index is 4% and that outstrips the Inflationary increase payrises these days of 2 to 3%

For me if the amount is less than £500 my IP in the the proposal said he can waiver any extra payments as it is -'uneconomical to distribute' I'll be quoting that when the time comes.

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