windfall or bonus

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stobatron

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Post by stobatron » Wed Dec 22, 2010 3:09 pm
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I'm a serving soldier and in an IVA, my question is I am in line for a commitment bonus and I'm not sure if my IVA company would want the whole amount or 50%, Idealy I want to use the money to buy a better/newer car as mine has seen better days, any advice would be more than welcome
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Michael Peoples

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Post by Michael Peoples » Wed Dec 22, 2010 3:20 pm
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You would need to check with your own IP as to what is actually in the proposal. However, creditors are sympathetic to serving members of HM forces and even if some or all of the money is captured it would be worth proposing a variation to allow you to buy a reasonable vehicle and pay the rest to the IVA.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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stobatron

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Post by stobatron » Wed Dec 22, 2010 4:58 pm
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thanks for your reply Micheal, I'm smiling from ear to ear as you seem to represent my IVA company, would you be willing to advice me more?

the bonus in question is a commitment bonus, that I am not required to claim (as it means I have to commit for 12 months). My IVA company say this is counted as a windfall and the creditors will want the full sum,

Where do I stand, I guess I just need help understanding my situation.
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MelanieGiles

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Post by MelanieGiles » Thu Dec 23, 2010 2:05 am
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If you are a client of McCambridge Duffy, I'll butt out and let Michael answer you, although I have my own thoughts about how this should be treated.
Regards, Melanie Giles, Insolvency Practitioner
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stobatron

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Post by stobatron » Thu Dec 23, 2010 2:41 am
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Please MelanieGiles all advice is welcome, because if I'm honest I sometimes feel you dont get a personal service from McCambridge Duffy, I signed onto this forum because its so hard getting proper advice about an IVA, its such a taboo subject.
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kallis3

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Post by kallis3 » Thu Dec 23, 2010 6:40 am
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I'm sure Michael will pick up on this again and you will get a personal service from him.
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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MelanieGiles

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Post by MelanieGiles » Thu Dec 23, 2010 11:30 pm
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OK - I take the view that as it is your choice whether to seek the bonus or not, and therefore sign on for another year - possibly putting your life at risk in the meantime - that you ought to be able to negotiate keeping 50% of the money to fund the purchase of a new car.

Michael will be concerned to know that you are less than happy with the service provided by his firm, and is sure to contact you as soon as he sees your post.
Regards, Melanie Giles, Insolvency Practitioner
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