uplift query

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treeze

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Post by treeze » Sat Aug 28, 2010 8:25 am
hello... just wondered if anyone knows about this...

my husband has been in an iva since and so far it has been the best thing we ever did! my husband has now got a new job too working closer to home which is great. His new job has a bonus and he has earned overtime every month too so i am just getting the hang of paying uplift money each month and our case advisor at Phillip Gill has been fantastic helping us with out enquiries each month.

My husband is likely to continue to get overtime opportunities and also a quarterly bonus and i just have a couple of questions:

1 the "uplift" money that we pay each month.. does this come off a total figure that has been decided for our iva? so will we finish the iva earlier? Or will it mean that we pay extra back in addition to the figure (pence in £1 or whatever it is!!?) that was agreed for us to pay.

2 can you pay off an iva early in a lump sum and if so how much of the initial debt would the lump sum be? WOuld it be for the initial debt or the debt you will repay within the iva? Not that we are in a position to do this i just wondered?!

3 if we try to save my husbands 50% of overtime etc each month in an isa is that money ours to keep for the future? (ie xmas/emergency fund for washing machine breakdown etc) We are a bit scared of spending money now incase at the annual review they say "oh you have £1000 in your isa so you must pay that to the iva?!"

thanks x x x
 
 

plasticdaft

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Post by plasticdaft » Sat Aug 28, 2010 10:05 am
hi and to answer your questions

1/ You owe the full amount to creditors until the IVA concludes so dont imagine that what you are expected to pay over the term of the IVA is now the total of your debts,there is no write off until the end,if by that time you have repaid your creditors in full then so be it.

2/Any settlement offer should match as close to the expected dividend as possible.

3/Anything at all that you manage to save off your share of the overtime is yours to do as you please with.

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

treeze

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Post by treeze » Sat Aug 28, 2010 12:02 pm
Hi Paul thanks for your speedy response and the info - much appreciated. So from what you say above i take it we pay our normal monthly payments for the full length of the iva, and then the 50/50 uplift money goes towards the iva IN ADDITION to our regular payments meaning we will pay back more than our creditors are expecting/have agreed us to? which is good i am glad we can pay more than they said we had to. and it is good that we get to do what we please with our little bit extra. thanks again x x x
 
 

Shining

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Post by Shining » Sat Aug 28, 2010 12:16 pm
Hi Theresa welcome to the forum from myself too and you've got it from Paul's excellent reply.

I hope your IVA continues to run smoothly for you xx
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 » Sat Aug 28, 2010 5:51 pm
Welcome from me as well. Excellent post from Paul.

The only thing I will add is that if, by paying overtime across every month, you manage to pay back your creditors in full plus fees, then your IVA could conclude early.
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
 
 

treeze

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Post by treeze » Sat Aug 28, 2010 7:55 pm
thanks for the welcomes! that's interesting kallis3... i think thats what i meant in the first place! although i think it is unlikely that we will get enough in o/t and bonus to pay the total debt in 5 years - but yes thats exactly what i wanted to know!!! ta very much everyone x x x
 
 

kallis3

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Post by kallis3 » Sat Aug 28, 2010 8:18 pm
Anytime Theresa, we're always here for advice and support.
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
 
 

plasticdaft

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Post by plasticdaft » Sat Aug 28, 2010 9:27 pm
theresa wrote:

thanks for the welcomes! that's interesting kallis3... i think thats what i meant in the first place! although i think it is unlikely that we will get enough in o/t and bonus to pay the total debt in 5 years - but yes thats exactly what i wanted to know!!! ta very much everyone x x x
Remember its the total debt plus fees.[8D]

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