www.iva.co.uk

Hi All
I have read with interest about overtime and pay increases and how some pay 50% into their IVA while others may pay all or nothing.

My creditors meeting is on 6 December. I have been advised that it is up to the creditors to ask for overtime/pay rise contributions as a modification I presume.

At my creditors meeting do I get chance to agree or disagree for example to a modification of 100% of a payrise or overtime to be paid into the IVA or is it just included automatically.

Thanks

Hi,
I am the one with a mod that saids 50% of extra income(also for Windfall)I can keep, however in the Proposal the IP had said if it is less than £500 the IP can decide not to distribute the lot as it is uneconomical.The worse case senario I lose 50%.

If your mod have no reference to extra pay outside winfall then it would all be I think down to negotiations.

"Always think outside the box"

Ive got the same mod in mine about 50% of any extra income,over & above or something like that it states.
So does that mean i give over 50% of any wage rise or do i give all?Wasnt sure on this one,i was unsure if that just meant over time.
Windfalls says i must give all but nothing specific about wage rises.

You are the only one who can agree modifications on the day of the meeting, but failure to agree to the 50% uplift provision is likely to result in a rejection.

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

Thanks for the replies.
I would not hesitate in agreeing to 50% of overtime etc being paid into the IVA. It just seems that some on the forum are having to pay 100% and I wondered if they had agreed to this at their meetings or if it had been added without their knowledge.

It would be nice to keep a bit of overtime or payrise money, although I do understand that the money is owed to the creditors.

If a creditor is asking for 100% clause at the meeting would I be able to negotiate?

Thanks

Hi
I think that overtime is without exception 50/50 with the creditors.It is pay rises that cause alot of concern as many IVAs require that all of this is paid into the IVA.
It is a topic that has been heavily debated on this forum and my own personal view is that a pay rise should also be treated 50/50
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