Could anybody advise please. I am in 4th year of iva and have found this forum quite recently. Every month I pay into a pension and also a share scheme. I have never been questioned about pensions or shares even though my payslip clearly states pension deductions. The share deductions may not be as clear though. My question is am I unintentionally doing wrong and should my IP have questioned this at the proposal stage. Do not want my IVA to fail and would willingly hand over my shares if required.
barassic wrote:Hi Foggy. I was never asked about this . The I.P had payslips before starting IVA. As I say , the share contributions are not very clear on my payslip. I would not want my IVA to fail in something I was unaware of. I only ask because of scouring this forum. What would your advice be ?
I am not qualified or licensed to give direct advice, barassic. Some here will, no doubt, suggest you leave it be and tough it out --- but there is always the worry and stress of discovery, plus the fact that if you are found out the IP will be less forgiving than if you come forward yourself. On the other hand it might never be discovered (however, things do have a habit of coming out of the woodwork).
Personally, being a bear with very little nerve, if it were me in this position, I would have a word with the IP and come clean. Being an automatic deduction from pay it is a thing easily overlooked in the general hubub and panic of starting out .
See what other posters have to say before taking the plunge.
barassic wrote:Sorry Foggy. Do you think that my IVA could fail over this ? Worried now.
It shouldn't fail over a genuine oversight. I would think you would be given a chance to put matters right, possibly by selling the shares and introducing the revenue into the IVA. This way, at the end of the day, the creditors are no worse off (and, if the shares have done well, might even be a little better off).
It's not for the IP to guess what assets you have and specifically ask if you own a particular assets - although guidance is usually given in the form of a questionnaire so I'm surprised it wasn't a standard question asked of you at the start.
Strictly speaking you should disclose the omission to your IP but you may want to find out what value the shares have - this may then help you decide whether to disclose it.
The IVA proposal would have declared what assets you had - it was up to you to ensure it was accurate.
You could propose a variation to sell the shares and pay the funds into the IVA, which would hopefully get around this.
It depends on how you value honesty in your IVA and the IVA contract you entered into.
With mine, I forgot completely about having an insurance policy that was due to pay out on my 50th birthday (during the IVA) which had been planned to buy a replacement car or motorbike as a birthday present to myself.
The first thing I knew I received a cheque for the amount of around £5000 ... as soon as I got it I contacted my IP (Stepchange) and arranged to pay it over to them ... all they said was thanks for letting them know and paying it over and could I confirm that this was the only thing I had forgotten about.
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