When do you tell your IP ?

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kallis3

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Post by kallis3 » Fri Dec 17, 2010 10:24 pm
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I don't get to do overtime either for which I am thankful - I don't have to tax my brain working it out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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olympic_torch

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Post by olympic_torch » Fri Dec 17, 2010 10:28 pm
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Unfortunately I still have to do overtime, I just don't get paid, it's up to "the management" if they think you deserve time off in lieu.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
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andrea1968

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Post by andrea1968 » Fri Dec 17, 2010 10:34 pm
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olympic_torch wrote:

It's at times like this I am almost glad I don't get paid for overtime! Sounds far too complicated for me.
10% of 50/50.????
If I was.clever enough to do sums like that I wouldn't have needed an IVA.
ot you are so funny!!!!
full and final accepted January 2015

iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
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kallis3

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Post by kallis3 » Fri Dec 17, 2010 10:35 pm
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I can work extra for time off in lieu and I work Bank Holidays for time as well now - I prefer to be at home.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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olympic_torch

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Post by olympic_torch » Fri Dec 17, 2010 10:41 pm
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We were stitched up years ago and had our overtime bought out, which is one of the reasons I took on a second job.
Sometimes wish I never started but it's too late now.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
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MelanieGiles

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Post by MelanieGiles » Fri Dec 17, 2010 10:51 pm
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Foggy - you definately should be getting the 10% benchmark - if you are not then your IVA is NOT protocol compliant!
Regards, Melanie Giles, Insolvency Practitioner
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Shining

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Post by Shining » Sat Dec 18, 2010 10:46 am
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Or you're with Melanie and one of her team send you a spreadsheet with all the formulae in place so all you do is input your figures. Then send the uplift that way. Although no overtime here anymore only a paycut for hubby so the spreadsheeet is redundant at the minute
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Foggy

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Post by Foggy » Sat Dec 18, 2010 11:57 am
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Melanie -- I was a bit confused by this ( once I had become a little more IVA savvy ! ). The front of my Proposal clearly states "Protocol Compliant" in bold capitals, however, in the body of the proposal it states, "In addition to these annual reviews I undertake to advise the Supervisor immediately of any exceptional income which I receive, of which I will pay in 50% into my scheme fund".

Normally I would have queried this, but as I work a flex-time system I never get paid overtime or bonuses, so it's a moot point.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Foggy

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Post by Foggy » Sat Dec 18, 2010 12:17 pm
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and ...... the more I read around this forum the more I wish I had found Melanie sooner !!! Normally one would say, "next time I will go there" .. However, in this circumstance, of course, the WON'T BE a next time !!!!!!

Never having credit again !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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MelanieGiles

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Post by MelanieGiles » Sat Dec 18, 2010 1:38 pm
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That is not compliant to the 2010 protocol and you should highlight this to your IP. Which firm are you using?
Regards, Melanie Giles, Insolvency Practitioner
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Foggy

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Post by Foggy » Sat Dec 18, 2010 2:19 pm
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RSM Tenon, Melanie. I have emailed them and will see what they say. Would it be too late to amend this now, without having to go back to creditors ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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MelanieGiles

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Post by MelanieGiles » Sat Dec 18, 2010 11:28 pm
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If the IVA has bveen accepted on this basis, then only a variation approved by creditors is likely to see it changed.

I am sending you the link to the 2010 protocol so you can read the provisions in advance of your IP's response.

http://www.insolvency.gov.uk/insolvency ... ersion.doc
Regards, Melanie Giles, Insolvency Practitioner
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Foggy

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Post by Foggy » Sun Dec 19, 2010 11:33 am
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Thank you Melanie. It would seem to be compliant in all respects save this one.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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