IVA - Payment amount - how does it work?

[Skippy]

Could you not have a float from your employer?

[kallis3]

Or a corporate credit card paid for by your employer?

[Darkdog]

I have to travel alot and sometimes stay in hotels, I knew this might be a problem before we went into our IVA so I saved as much as possible before it was excepted (mostly from none payment to creditors just prior to the IVA) to create a float for fuel etc, this then gets claimed back at the end of each month and has worked OK so far, there have been a few times when the float was not enough so I spoke to my MD and got him to pre pay for the odd hotel and for tyres on the company car

[welch9]

Float and Company Credit card not an option, ike i said it a pay and claim system. Company will not make allowances just for me.

[Shining]

Maybe talk directly with and IP as it may be that an IVA is not the ideal solution for you but all debt solutions can be discussed with a professional.

[kallis3]

Totally agree with Lesley. There are other posters on here who manage in similar situations.

Speak to a professional and take advice from them.

[MelanieGiles]

I have dealt with persons in your situation before - where part of their job is to cover hefty expenses for entertaining clients and then claim them back. There are a variety of ways this could be done - for instance you could have a credit card solely for that purpose, or better still a pre-paid debit card, which you could load a sum onto at the beginning of the IVA from money you have saved in not paying creditors.

This may not be viewed as ideal by creditors, but if it means that you can get an IVA as opposed to bankrutpcy then providing the reasons are justified you ought to be given those allowances.

I would suggest that you take advise from an insolvency practitioner, who can explain the creditors standard allowances to you and also discuss your own specific needs.

[welch9]

my expenses can range from 300 to 8000 a month

[ThriftyWitch]

my expenses can range from 300 to 8000 a month

Please don't think me rude, but something isn't sitting right here. You say your salary has dropped to 27k and your company expect you to fork out sometimes 8k????? Doesn't add up.

[kallis3]

Sounds a bit odd to me. I earn more than you per year and no way could I, even if I owed nothing to anyone, afford to fork out 8k a month.

[Skippy]

I agree - I don't see how any company could expect you to spend more than you take home each month on expenses.

[Shining]

At that level of expenditure you'd have a company credit card surely?

[kallis3]

You would have thought so.

[welch9]

No company credit cards, were only a small firm and sometimes were required to travel abroad and pay for all our expenses and claim back.

Do you have any idea how much it costs to take an additionaal 200kg to Dubai and back????

Roughly 3k per flight. thats 6k return plus accom and meals.

This is the way the company do things, yes we all want company credit cards but the flat answer is absoloutly no

[Skippy]

If that's the case then they are an unreasonable company. When I've travelled with work the flights were booked and paid for by the company.