My IVA is due to finish in November 2017 but I have significant bonus due to me circa £45,000. Under the rules of the IVA I would expect to pay 50% over to the IVA
First question, as this is being paid through the payroll as a bonus I assume its classed as a bonus and not a windfall?
This bonus is due around september, at this point there will be £72000 due inclusive of fees and I will have paid £62000 into the IVA meaning around £10000 remains to be paid.
there will also be 3 payments left of around £650 pm (£1950)
Under the 10/50/50 rule £22500 will be due to the IVA but this takes it over the remaining money owed
2nd question, will i need to pay over the entire 50% due to the IVA if it takes it over the amount owed + fees?
My wife and I both have an IVA which interlocks.
Total Debt Owed £56299.28
Payments & PPI to date = £55503.35
I am due a bonus this month that will see another £3436.31 (inc regular payment) into the IVA making the total paid £58939.66
Ive calculated fees at around £15674.30 (based on the paperwork ie PPI firm fees etc)
I have looked through all my paperwork and find no mention of statutory interest so unless told otherwise i am assuming this needs to be paid and have calculated this is £27023.65
So by my calculation to "complete" the IVA a payment of £42698.95 would be due from any windfall or large bonus I may receive. (which is likely to happen in August)
Do I assume that anything over that figure is mine to keep? What would happen to any unclaimed PPI that is realised afterwards?
My IVA is due to end in November could I make a F&F offer of payments to date and would it be accepted? Is there much point if i am likely to receive a significant bonus is august that could pay the IVA?
Hope that makes sense
Regarding PPI -- remember that only about 2/3 rds of the refunds will hit the IVA account (claims fees come out first).
My IP Tells me that to get me to 100p/£ inc of fees there is £6800 remaining. They also said I have no obligation to pay my wifes IVA to get her to 100p/£, although they gave me this figure too which is £14500)
As there are only 5 payments left on both IVA's they are suggesting i pay the £6800 to get me to 100p/£ and then continue to pay the agreed payments into my wife's IVA.
one thing i forgot to ask though; if my IVA completes i assume money i was paying would now be excess and it would be expected that I pay it into my wifes IVA?
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