Looking for any get out clause. Just entered an Iva, and it is only for 3 years so using (R3) as my IP put it rather than standard IVA protocols.
I am due a bonus but told that due to not using standard protocol and being over 5 years the 50/50 bonus clause does not count and as such the bonus would be a windfall and the whole net amount is due to the IVA, is this the case or is there any way to prove to creditors as there is nothing specific in the contract that I can keep 50%.
McCambidgeDuffy use £ as a matter of course, so hopefully Michael will pick up on this later and comment.
No clause was put in regarding the bonuses, etc the only thing in the proposal is about windfall, which I did not think applied to bonuses
I was lucky that the 3 year was passed at creditors meeting as only one person voted and only repaying approx 15p in the £ back
Is there still a way of only having to give up only 50 % as there is no specific clause and stating to creditors that is standard terms
Had questioned while proposal being put together asking about this specific clause, but advised by IP nothing written in to proposal and to wait and see if asked to be added at the creditors meeting
Only thing it states in proposal under after acquired assets is any after acquired asset shall be advised to IP within 21 days to include a windfall, inheritance or lottery win over £100
Other than the that under contributions it states I will make 36 payments of £350
It not state anywhere about any additional payments from bonus or overtime
This is my 2nd IVA but this has come about due to different reasons to the first and the 50% was specifically put in as a point under the contributions heading in the first IVA proposals
As nothing is specifically mentioned does this mean that either I do not have to pay anything over at all or would it just default to the standard 50/50 clause as stated in the standard terms
Just trying to see a way of keeping some of bonus happy to pay over 50% as thought that is what would have to do anyway
Michael Peoples wrote:Your IVA operates under the R3 standard terms and conditions which are 'all asset' terms. Therefore anything not specifically excluded is included so your IP could be right in what they say but it is still a bit lax not to have addressed this within the proposal especially when you raised the query in advance. Given that only one creditor voted first time round perhaps you should try a variation to insert the 10% 50/50 rule into the proposal. Creditors could reject this but the proposal would just remain as it was so nothing to lose.
Michael, surely the R3 ( or, indeed, any) standard terms and conditions would only apply if referred to in the agreement as the applicable under-riding terms.
Who is onlineUsers browsing this forum: No registered users and 20 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location