Final year overtime/bonuses question

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Fizper

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Post by Fizper » Wed Apr 22, 2020 9:15 am
Hi Ian,
I noticed a post this week on the forum that mentioned someone being in the final year (equity release) of an IVA not needing to pay extra for overtime or bonuses. Do Freeman Jones operate the same policy? I didn't want to be tying up a phone line to ask the question.

Foggy

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Post by Foggy » Wed Apr 22, 2020 9:49 am
I have alerted Ian to this post. Hopefully he will respond when available.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Fizper

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Post by Fizper » Wed Apr 22, 2020 10:17 am
Thanks Foggy

Financial Wellness

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Post by Financial Wellness » Wed Apr 22, 2020 10:56 am
Hi Fizper,

Hope you are safe and well. Thank you for the question. You are quite correct, we don't assess/take 'additional monies' (ie if you earn more than your allowed income) during the equity extension year.

I hope that helps. If you do need to get in touch don't worry asbout ringing - our customer service team is working as normal (from home).



Ian
A member of the team at Financial Wellness Group (Formerly Freeman Jones ) - www.financialwellnessgroup.co.uk

Foggy

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Post by Foggy » Wed Apr 22, 2020 11:33 am
Thank you Ian -- that is good to know. I have, perhaps, been labouring under a misaprehension all this time ! Is this in the Ts&Cs across all IVA's or a discretionary thing applied by the OPs IP and the FWG ---- apologies for the alphabet soup !!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Fizper

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Joined: Wed Mar 04, 2020 7:20 am

Post by Fizper » Wed Apr 22, 2020 11:34 am
Thanks Ian.

Foggy

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Post by Foggy » Wed Apr 22, 2020 3:00 pm
I have been giving this some thought and asking those that know and it would seem that this is a generally accepted stance in many firms --- much in the same way as being bound by the IVA in regard to windfalls etc. between final payment and formal completion, but not having to account for earned income. Although I have never seen this actually written down anywhere, it seems fair and proper.
I am still concerned that this will only relate to earned income, so don't go entering any lotteries in the extension year!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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