do i need to inform my IP

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craig.2

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Post by craig.2 » Mon Jul 19, 2010 9:58 pm
hi there, i have recently been accepted for an iva but can anyone answer this question.
My payrise this year has now been accepted and will be backdated to January 1st 2010 its around £45 per month and i also have received £300 yearly bonus, so in August my arrears will be around £600 extra, do i need to inform my IP of this?
 
 

Lisa2009

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Post by Lisa2009 » Mon Jul 19, 2010 10:15 pm
Hi and welcome to the forum.
Have a read of your paperwork to see what it says with regards to bonuses and payrises etc.

Contact your IP too. It may well be that the pay rise wont affect your payments till next anual review......Best to check though to be sure :)
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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Shining

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Post by Shining » Mon Jul 19, 2010 10:15 pm
Hi Craig and welcome to the forum. Congratulations on your payrise and bonus, it's always best to keep your IP in the loop with anything like this and they will advise accordingly.

You say your arrears, wasn't sure what you meant by this? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Mon Jul 19, 2010 10:16 pm
Hi and welcome to the forum.

You need to speak to your IP now and inform the of the bonus and the backpay now so that you can pay across whatever is laid down in your IVA.

That way you will have no arrears.
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
 
 

MelanieGiles

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Post by MelanieGiles » Tue Jul 20, 2010 1:00 am
You will possibly have to pay some of that bonus money to your IP, depending upon the terms of your own IVA, so give them a call as the sooner you know how much of it is yours the sooner you can have a small treat - with the rest of it into savings for a rainy day!!!
Regards, Melanie Giles, Insolvency Practitioner
 
 

plasticdaft

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Post by plasticdaft » Tue Jul 20, 2010 11:37 am
Definately better to discuss things like this with your IP rather than wait till a review and find you owe extra money over that you have spent. If in doubt ask,and if possible get something in writing,just in case further down the line you get a different answer.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

orange

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Post by orange » Tue Jul 20, 2010 8:02 pm
my hubbie once had some back pay and we didnt have to pay any over,its all very individual
completed july 2011
 
 

kallis3

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Post by kallis3 » Tue Jul 20, 2010 8:06 pm
Always best to be honest with your IP.
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
 
 

ashb

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Post by ashb » Sun Jul 25, 2010 3:32 pm
I received a pay rise in may which was £114.00 poinds net a month and under the 10% clause. My IP told me I did not need to pay anything, but I am now in my review so I would imagine some of that will go !!


I have just been informed that I have received a bonus of £2220 net and I have deucted 10 % halved the balnce and ready to pay my IP the other half.

Its best to inform your IP at the earliest time and get it in written format
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 25, 2010 6:55 pm
The 10% clause does not relate to salary increases - only overtime, commission, bonuses and any one-off payments you may receive from time to time.
Regards, Melanie Giles, Insolvency Practitioner
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