Possible Scenario

boblardo · 17 August 2017 at 1:12PM

I am in year 5 of my 6 yr IVA. due to promotions at work, pay rises, bonuses and PPI refunds its likely we will be close to repaying 100p in the £ as well as any IVA fees which is great.

However, I have been told that it is possible that 2/3 months before my IVA completes I "MAY" get a significant windfall, for the example here, of lets say £20000.

What is likely to happen to this windfall, my understanding is that if the windfall had come early in the IVA then all would need to be paid in. But as its close to the end and as I believe you cannot pay more than what you owe + fees will I get to keep any?

TakeAwayKing_2 · 17 August 2017 at 1:20PM

Hi

You will only need to pay in sufficient to pay your creditors 100p in the £ plus statutory interest plus the costs and disbursements of the arrangement.

boblardo · 17 August 2017 at 1:49PM

thanks for the prompt response

boblardo · 22 June 2018 at 12:48PM

Sorry to reopen an old post but thought as its a continuation for my original query i would post here

Debt Owed £56299.28

Payments & PPI todate = £55503.35

I am due a bonus this month that will see another £3436.31 (inc regular payment) into the IVA making the total £58939.66

Ive calculated fees at around £15674.30 (based on the paperwork ie PPI firm fees etc)

I have looked through all my paperwork and find no mention of statutory interest so unless told otherwise i am assuming this needs to be paid and have calculated this is £27023.65

So by my calculation to "complete" the IVA a payment of £42698.95 would be due from any windfall or large bonus I may receive. (which is likely to happen in August)

Do I assume that anything over that figure is mine to keep? What would happen to any unclaimed PPI that is realised afterwards?

My IVA is due to end in November could I make a F&F offer of payments to date and would it be accepted? Is there much point if i am likely to receive a significant bonus is august that could pay the IVA?

Hope that makes sense

boblardo · 22 June 2018 at 1:40PM

To be honest how do Interlocking IVA's work in this respect

We have 2 joint debts totaling £52692.70, i assume they are not split 50/50 although we would only pay £52692.70 in total?

TakeAwayKing_2 · 22 June 2018 at 2:03PM

Who is your Supervisor and are they on time costs for their fees?
If it is a regular IP firm, £15k for fees for a 6 year arrangement sounds really light.
What about the nominee fee - was this paid up front at the start?
Were there solicitors / agents other fees other than the PPI claim company? There will most likely be other bots and pieces; storage, advertising etc

boblardo · 22 June 2018 at 2:18PM

I did ask Varden Nuttall but there phones were down for a couple of weeks as they moved offices and then when I did get through they haven't been that helpful.

I tried again this week but was told the IP is off sick at the moment

I am just trying to get an idea of rough figures; most of the fees I have pulled from the documentation that's been sent

Possible Scenario

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