Winfalls

[cat 1]

Help Please!!! Could someone please expalin 'windfall' I have been paid £323.16 0ver and above my usual salary. This is a backdated pay rise from April to Nov.One set of mods say can keep under £500, the other says I have to give it all. It didn't occur to me that this was a windfall but I spoke to the persn dealing with my account and she thought it would be considered on. I was used to the idea that 50% had to be paid over and above my usual. Why doesn't this is seem fair. And, is it really a defiante 'windafall' as it's not my fault that the NSH are slow at paying pay rise from april and it should have been paid each month.I would then at least have been able to retain 50% of it??? Thanks. cat

[iva experts]

Hi Cat,

Your back pay would not be classed as a windfall, a windfall is an amount of money that was not expected like inheritance or a lottery win.

Look at your terms and conditions, if it states that you can keep any increase under £500 then the back pay is yours to keep. If you are still in doubt contact your I.P again and ask for clarification.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[aguise]

Hi cat I would say backdated pay is not a windfall, inheritance or some unexpected money is a windfall like the lottery.It is a payrise not a windfall and depending on your proposal you may have to pay all or 50% over.
Wait for other answers though only my pinion.


Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Sensible77]

I work in the public sector and received a 2.45% pay rise as from 1 April this year. I received about £200 more than usual in my salary this month but it is not a windfall it is a pay rise that you would have got from 1 April if it could have been processed in time. Our union always disputes the pay rise each year, then accepts it, which leads to back pay. Each year I look on it as a little bit of savings for Christmas as if I got it straight away it would have disappeared without trace. I’m pretty sure that your IP won’t want 50% of it as I understand that only pay rises above 5% are affected by the 50% clause, but I’m not an expert.

[Skipper]

Hi,You have to find out if in the mod there are two 50% references on pay increase for both( OT,bonus,comission) and extr income due to others(Inflation etc).

There need to be two separate reference to both as in mine mod to aviod the confusion that seem to occur. If there are then you know what you stand and at least keep half? if not it is up to IP and creditors if they have not declared their hand on the subject.



"Always think outside the box"

[cat 1]

I perhaps should check again, but I sort of feel 'cheeky'. Does this make sense? As though I'm asking for something that isn't mine!Thanks for your responses..I'm alittle more armed now but feel as though I don't really want to make waves especially as this is my first lot of coorespondance with 'the person dealing with my account'(I wonder what the officail title is .I know she's not the IP as I know I haven't spoken to him at all) Thanks again. Cat

[cat 1]

Hello. Just to let you know I did re discuss it and she went to discuss it further with my IP. He has agreed I can keep 50%, so thanks to your advice I am £161.58 better off. Better than a smack in the mouth. Cheers. cat

[aguise]

Great news cat. Really pleased. Dont be frightened to ring if you have a query that is what they are there for, if you had said nothing you may have just paid it over.
Lovely bit of help for xmas and to maybe start your little savings for emergencys.

Ang

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[MelanieGiles]

I would not consider this as a windfall, but it is additional income you have received and could possibly be subject to any 50% uplift provision you have in your proposals. Best to check with your own IP to see how they feel.

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

[cat 1]

Thanks Melanie. I did check and it wasn't a windfall, but it was subject to the 50% clause. Husbands also due a backpay fairly soon and he can keep 50% of that. Aslo, from another link I told you we were paying back 'jointly' 100p in the £. Well I also clarified this today. This is only for our joint debts. Mine is 38p in the £. I think this whole thing may gradually be dawning on me. Cat

[MelanieGiles]

Don't be afraid to use the forum as a sounding board for any other points you have Cat, that it what it is here for.

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