Some years are 13 months, but IVA is for 12 months

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vidal.de

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Post by vidal.de » Tue Aug 31, 2010 4:51 pm
I just started an IVA, and it's worked out based on my 12 months salary but some years will be 13 months will i still have to pay for the extra month.
 
 

Michael Peoples

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Post by Michael Peoples » Tue Aug 31, 2010 4:56 pm
You should make 60 calender monthly payments so this should not be an issue.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

liamjames

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Post by liamjames » Tue Aug 31, 2010 4:57 pm
If I understand you correctly, your IVA is a fixed monthly payment, but you are paid every 4 weeks?

If this is the case then you should discuss your payment schedule with your Insolvency Practitioner. Depending on how many months arrears you are allowed in your Proposal, your Supervisor may let you make a set payment every 4 weeks to make things simple.
Take care,

Liam James
Varden Nuttall
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kallis3

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Post by kallis3 » Tue Aug 31, 2010 4:59 pm
Hi,

I would not have thought so, but best run it by your IP to be on the safe side. I take it you are paid lunar monthly and they are aware of this?
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.
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carole2662

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Post by carole2662 » Tue Aug 31, 2010 6:20 pm
Hubby gets paid every two weeks but our IVA has been worked out on a monthly basis. This was done by multiplying his pay by 26 and then dividing by 12. Not ideal but it is what they wanted.
 
 

kallis3

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Post by kallis3 » Tue Aug 31, 2010 6:28 pm
Right, got you now.

If your IP is aware of this, and your payments have calculated over the twelve months, then you should be ok to keep the extra.

I would liken it to the council tax and water rates free months. Your payments are calculated over twelve months so the free months are yours to do with as you will.

Hopefully one of the experts will be along later with advice.
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 Aug 31, 2010 11:14 pm
IPs should be flexible to collect payments at a rate that suits their clients. I have a number of clients who are paid four-weekly and who make 13 smaller payments each year to coincide with when they get paid. I also have clients who make two payments per month and a few who pay weekly. It makes no difference to me - so long as they all pay!
Regards, Melanie Giles, Insolvency Practitioner
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