Just to update, and also get some of your opinions on the reply Ive had back today:
Regarding the overtime payments the problem arises from a savings scheme being classified as an asset. While you are subject to an arrangement your creditors can ask us to investigate and realise your assets for the benefit of your arrangement so a saving scheme is not something I would advise you consider until your arrangement has been concluded.
Help? I'm so so confused. Its taken so long to get an answer about this, but where are Creditfix coming from? are they saying we aren't allowed to save at all? That any savings we may have accumulated will be classed as assets and seized? Its my share of the overtime? As someone stated above, Mel herself confirmed it would not be classed as an asset. Feel like I'm banging my head against a brick wall.
Email the IP directly and demand to speak to them. Saving is to be encouraged while in an IVA as you do not need a dentist every month nor does your car need £25 spent on it monthly. You must save your allowances and you can save your share of the overtime too. We have had clients save their share of overtime, bonuses and commission and then use those funds as part of a full and final offer.
Thank you Michael, I might just do that. Theres a whole load of questions that I can't seem to get a straight answer to, most importantly my annual review from October which still has not been sorted out yet. Is it the sharesave thing that they aren't sure about? it seems other people have been allowed to do them at different companies. Maybe its the fact that I can buy and sell shares for a profit at the end of it? But then the scheme would mature when the iva finishes anyway. I can just take my savings straight back or buy shares in my company at a reduced rate. If that purchase is made after completion, should that make any difference to my IVA? Thanks again for your advice.
There is nothing worng with a sharesave scheme especially one which matures after the IVA is over. It is your money and there is no guarantee that there will be a profit anyway as shares can go down as well as up. If the shares fall you will receive only your money back plus the interest accrued but if they go up there is a potential profit to be made down the line.
Look at Tescos share price over the past twelve months and look at the number of firms that have gone bust. They operated sharesave schemes and plenty of people did not mnake a profit and even lost money.
Andy. A lack of commonsense at CF seems to be an issue as the thread with Sprowstonboy shows. I wonder do they lack experienced staff or are they being deliberately obstructive.
Thank you Michael and Andy. Everything you've said makes perfect sense to me. Part of me feels like just stopping my sharesave, and waiting until my iva completes before I join the next one. The other part of me feels quite aggrieved that I'm not being supported to do something that I'm pretty sure PJG would have agreed to. I'm becoming increasingly frustrated and also a bit distressed now at the confusion, mixed messages and quite unhelpful attititude that me and others are coming up against. As I said, they have not answered other queries i had either, and not even mentioned my annual review to me. I asked if they could tell me who my case manager is, or even have a contact so I could speak to the same person with questions and ongoing issues. I was told that I would need to go through the generic customer services dept each time. I think this is just leading to more confusion. I am going to try again to get in touch with someone more senior, maybe the IP herself. Will let you know how I get on.
Thanks again.
I had the option of a sharesave with my company but decided to wait until next year when our IVA is complete for exactly these reason too much conflicting advice. Don't want to save to have to hand it all over once it matures.
If life is what you make it, I must have been in a strange mood when I made mine
Well I don't think I'm going to get anywhere with this. I contacted Greg (who was very quick to respond I must say) and have been told its a definite no. Putting the money in a sharesave scheme classifies the money as an asset and they would have to investigate it.
I asked if a regular savings account would be acceptable and was told that would also be classed as an asset.
I must say, I wasn't aware of this about savings accounts??
If you put any savings under the bed they would have no idea, the amount we are able to save surely would be safe there!!!!Interest is nothing at the moment! they can try and raid my ISA that has £30 in it if they feel the urge!!!!
You'd think they would look positively on savings to call on if anything happened. We had a savings account with the coop although there was never a great deal in there! I needed it away fromthe current account for car tax, mot etc. Cleardebt didn't have a problem with it.
