Terrible mistake

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Pryde

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Post by Pryde » Sun Aug 30, 2020 9:15 am
Hi all, I have made a terrible mistake due to a misunderstanding, im 9 months into an IVA im paid 13 times per year and I pay into the IVA each payday once a year I do not have to pay rent and a few bills, when I mentioned that to my company it was stated my IVA is calculated on a monthly basis and nothing was said about paying extra. I stupidly assumed because of that the money was mine, I have told them when I received a bonus etc, now im terrified the IVA will fail, I have not eaten or slept in 4 days. Any advice.

kallis3

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Post by kallis3 » Sun Aug 30, 2020 9:26 am
Did your company know you were paid 13 times a year? I would suggest that you speak to them and explain things. It maybe that this can be sorted out by upping your payments to take into account any shortfall.
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.
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Pryde

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Post by Pryde » Sun Aug 30, 2020 9:33 am
They do know yes, they base my payments on a monthly salary and I&E though I pay each payday, for example my monthly contribution is £300 but I pay every 4 weeks at £280

Foggy

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Post by Foggy » Sun Aug 30, 2020 9:40 am
If they know the situation regarding basic pay being 4 weekly they will have made allowance for that extra payday --- and, from your last post you pay 13 the IVA 4 weekly anyway. But, as long as you are paying over the required share of overtime and bonus payments I don't see an issue. Maybe a chat with the IP will straighten things out.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Pryde

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Post by Pryde » Sun Aug 30, 2020 9:48 am
I have paid over £800 extra in backpay, I do have over half the money left and I have been selling items from my personal collection to raise more should I have to pay it. I was just not sure if that would be an option offered, Im just so scared.

abbiesmum2003

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Post by abbiesmum2003 » Sun Aug 30, 2020 10:33 am
My husband is paid weekly and i got paid every calendar month. The IP worked out annual income then divided by 12 to get our ‘monthly’ contribution.
If the IP knew your pay structure at the start amd your iva payment has been calculated accordingly then I dont think theres an issue? As foggy said if youre paying across any extra that you actually need to pay across from overtime/bonuses then there shouldnt be an issue. Your standard payment has been calculated based on your pay structure so there shouldnt be a need to pay any extra unless its true additional overtime/bonus.

Pryde

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Post by Pryde » Sun Aug 30, 2020 11:24 am
Thanks all, I thought any money not being paid into I&E had to go to the IVA, as I said I can pay it if asked.

kallis3

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Post by kallis3 » Sun Aug 30, 2020 11:37 am
With overtime and bonuses you are usually allowed to keep the first 10% and 50/50 after that.
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

Pryde

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Post by Pryde » Sun Aug 30, 2020 11:48 am
Sun Aug 30, 2020 11:37 amkallis3 wrote:
With overtime and bonuses you are usually allowed to keep the first 10% and 50/50 after that.
That part I know I was just not sure if that if I did not have to pay rent etc due to twice being paid in a month if that money had to go to the IVA

kallis3

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Post by kallis3 » Sun Aug 30, 2020 11:54 am
I am sure your IVA know that you are not paying rent but it won't hurt to check.
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

Pryde

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Post by Pryde » Sun Aug 30, 2020 11:56 am
Sun Aug 30, 2020 11:54 amkallis3 wrote:
I am sure your IVA know that you are not paying rent but it won't hurt to check.
Yes I will of course my fear was what happens if they dont :?

Pryde

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Post by Pryde » Sun Aug 30, 2020 11:59 am
Apologies for all the questions, Im just not very good at this and my head is not in a good place.

abbiesmum2003

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Post by abbiesmum2003 » Sun Aug 30, 2020 12:40 pm
As long as all that was discussed at the outset and your IVA was setup based on your pay schedule and outgoings you shouldnt have to pay anything else other than your preset monthly payment and any additional over time based on what Kallis said about the 10/50/50 split process.
If you have ‘spare’ money due to timings of outgoings thats yours.
We only paid council tax 10 months of the year but our busget was calculated as though it was 12 months so the two months ‘free’, that money we would have paid to the council was ours not the IVAs. It only takes your disposable income based on your budget not whats left in your bank each month. As long as it was all discussed at the start ypu should be fine and be able to keep whats leftover. If you have a shopping budget but are savvy and dont spend it all thats yours not the IVAs dor example. Hope you can relax-please have something to eat and drink now x

kallis3

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Post by kallis3 » Sun Aug 30, 2020 1:05 pm
Speak to your company on Tuesday an I'm sure they can put your mind at rest.
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

Pryde

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Post by Pryde » Sun Aug 30, 2020 1:07 pm
Thank you all thats certainly helped.
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