My wife and I have just had our IVAs approved. But with HSBC as the major creditor (inxs of 50% of the debt) at a dividend of 31 an 33p respectively!!!
This migh tbe a first post, but I have found the answers to a lot of questions in this forum - so thank you all.
One thing puzzles me though - our IVAs do not have the 'overtime' clause in them. The chairman told me that any additional earnings would be ours, but there is a clause requiring notification of additional income. Slightly confused, but at the end of the day, it is not that difficult to notify my IP of any extra earnings, but I would appreciate some thoughts on this!
You are lucky not having the overtime clause, but I'm not sure about the additional income bit!
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
'You must inform the supervisor at any time if you are in reciept of additional income. You must come to a satisfactory arrangement as to what increased amount should be paid into the arrangement'.
The chairmans report made no mention of o/t - only mods were in respect of IP fees and pension payments (and the frequency of payment of dividends).
Also, the Student Loans Company didn't bother to vote on my IVA. They had a controlling interest. Very strange...
That clause is very woolly - and could be interpreted in a lot of different ways - but at the end of the day it is your own IP's interpretation which counts.
I would write to your IP mentioning the fact that you have been told by XXX from their company that overtime is not taken into account, and all monies is yours to do with what you like....that way if they then turn the decision around you can argue the point that you have been given differing info from the company etc......
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Overtime is additional income and at the end of the day according to the terms of your proposal you are to come to a satisfactory arrangement. The worse case scenario woould be that you keep the fi.rst 10% and hand over 50% of the balance - effectively you hand over a total of 45%. But see what your IP puts in writing following the comments you say he said to you. Let us know what happens
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I hope you manage to get it cleared up, nothing worse than a confusing clause!
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
Sorry to bump this back up, but some resolution to the lack of clarity.
It turns out that there is an overtime clause in the court papers, which is a straight 50%. Worst case scenario, but there is still an incentive to get the extra money to build up an emergency fund / birthday and xmas contingency.
