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New To Iva Advice Needed About Tax Refund
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# 1
SILLYBILLY
Old 11-05-2011, 11:01 AM
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Default New To Iva Advice Needed About Tax Refund

Hi....We have just had our IVA accepted 3rd may 2011 after making token payment of 1 for this last year and are going to be paying 397 per month back a month for an unsecured debt of 70,000 ... hate seeing that amount

Anyway my question is to you who are in similar situations hubby is classed as self emplyed and has an accountant to do his tax return at the end of the financial year,well anyway she has rung and said he is due 1000 back for this year.....well do we tell our IVA company about this as we are allowed to keep 10% but anything over that they get 40% or can we just cash the cheque at one of those cash cheque places as hopefully with it not going through the bank to wont be noticed.

I know the right thing to do would be to declare it but it would be lovely to have a little money there as an emergency fund if needed.

Let me know what you lot would do please and thanks for reading

UPDATE PLEASE READ post 3
Debt Free in 60 months ...Hopefully

Last edited by SILLYBILLY; 13-05-2011 at 9:12 AM.
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# 2
debtfree2016
Old 11-05-2011, 11:06 AM
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Hello SillyBilly

Please Please make sure you notify your IVA company, im sure there will be links to HMRC and P60's plus tax returns will no doubt be required by your IVA company for reviews. If you keep the full tax return and get found out you will fail in your IVA (and you don't want that) consider the 10% as a bonus to you and your family, 10% of something is better than 10% of nothing.
Take care
Never make assumptions always ask questions>>>>>
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# 3
SILLYBILLY
Old 13-05-2011, 9:04 AM
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Hi .....Since posting this thread we have been in contact with our IVA company and they have informed us that any tax refund will be classed as a windfall and the IVA will get all of it is this right as we thought we would of been able to keep a little of it
Debt Free in 60 months ...Hopefully
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# 4
debtfree2016
Old 13-05-2011, 9:25 AM
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Hi SillyBilly

It will be in the paperwork that you signed when agreeing to the IVA, if the tax refund is classed as a winfall and a windfall would be 100% to the creditors then i guess this is correct. If however you can't see this in the paperwork i would suggest speking to one of the supervisors for full clarification.

Not sure how far you can go back on claiming a tax rebate could be 5 to 6 years wink wink.
Never make assumptions always ask questions>>>>>
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# 5
carried36
Old 13-05-2011, 8:15 PM
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We have an iva and they take everything you have! We got 17500 payment protection back and they took that and when I asked for them to consider as full and final my ip said it wasn't enough! The more you give the more they want am afraid 2years left and counting our debt was 90.000 shocking eh! but the time passes and you no longer despise the post man or the phone ringing
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# 6
RuthnJasper
Old 13-05-2011, 8:23 PM
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Hi SillyBilly (I don't think you ARE silly, by the way).

Best to be honest with the IVA bods, even if it seems harsh. It's the best way to make a completely clean break from the past. I'm sorry if you weren't hoping to hear this... Believe me, I know EXACTLY where you are coming from and how you feel.

I have @ 18 months left to go on my 5-year IVA. It's not been easy (PARTICULARLY tough this month, as you'll see if you chance upon a current thread of mine - an unexpected vet's bill for Jasper-dog has wiped out all my 'living money' for this month and I haven't got any food left)!!! But I still maintain that it (getting the IVA) was the BEST thing I ever did to sort out my debts.

Good luck with yours - hope it ultimately leads to a debt-free, long and happy future for you and your husband. xxx

Last edited by RuthnJasper; 17-05-2011 at 4:57 PM.
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# 7
debtinfo
Old 15-05-2011, 9:35 AM
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as the others said get the the IVA proposal out, you should know this off by heart by now
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# 8
SILLYBILLY
Old 16-05-2011, 10:30 AM
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Hi all....thanks for the advice. Weve spoken to someone else from the IVA company after looking through all the paperwork and have now been told we can keep 50 % and put 50% into the IVA which is great news for us....so that 500 emergency money for us

And Ruth ...so sorry you and Jasper are having such a bad time right now I really how things improve soon for you both....Take care xxx
Debt Free in 60 months ...Hopefully
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# 9
RuthnJasper
Old 17-05-2011, 4:59 PM
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Quote:
Originally Posted by SILLYBILLY View Post
Hi all....thanks for the advice. Weve spoken to someone else from the IVA company after looking through all the paperwork and have now been told we can keep 50 % and put 50% into the IVA which is great news for us....so that 500 emergency money for us

And Ruth ...so sorry you and Jasper are having such a bad time right now I really how things improve soon for you both....Take care xxx
Thanks sweetie! We're still smiling! The masks slipped a bit last night when the exhaust pipe fell off our car . Grins back in place now though!

I'm glad to hear that you've had some encouraging news. Keep plugging away - you'll get there in the end!

R&J xxx
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# 10
kate25790
Old 17-05-2011, 6:52 PM
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Red face There is light at the end of that long tunnel

I had a joint IVA for a total debt of 120k 10 years ago with my husband at the time. Mostly credit card debt and loans for credit card consolidation. Made a final settlement payment after 3 years ( house prices had escalated and so borrowed maximum equity) so total paid was 80k.
Since then I have got rid of over-spending husband , stopped spending on 'stuff', been careful with money and have one credit card which is settled in full every month. I have very small cheap holidays and have re-discovered my love of walking.
Bought up 4 children through all this, only one left at home now.
Mortgage is now fully paid and I've just bought a VW van for future holidays. so my dream has happened
I am debt free and wake up every morning so happy that I faced my demons. To anyone starting out on an IVA then it is hard and you do wonder if you have done the right thing. As soon as you really understand that it was you who got into debt and no one forced and that anything you buy that leaves you in debt is NOT WORTH IT then the IVA is not so hard and you can just see it as a way of getting back a balance in your life .
Good luck to anyone at the beginning of their journeyand I'm always happy to give advice or even just listen
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# 11
RuthnJasper
Old 17-05-2011, 7:06 PM
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Quote:
Originally Posted by kate25790 View Post
I had a joint IVA for a total debt of 120k 10 years ago with my husband at the time. Mostly credit card debt and loans for credit card consolidation. Made a final settlement payment after 3 years ( house prices had escalated and so borrowed maximum equity) so total paid was 80k.
Since then I have got rid of over-spending husband , stopped spending on 'stuff', been careful with money and have one credit card which is settled in full every month. I have very small cheap holidays and have re-discovered my love of walking.
Bought up 4 children through all this, only one left at home now.
Mortgage is now fully paid and I've just bought a VW van for future holidays. so my dream has happened
I am debt free and wake up every morning so happy that I faced my demons. To anyone starting out on an IVA then it is hard and you do wonder if you have done the right thing. As soon as you really understand that it was you who got into debt and no one forced and that anything you buy that leaves you in debt is NOT WORTH IT then the IVA is not so hard and you can just see it as a way of getting back a balance in your life .
Good luck to anyone at the beginning of their journeyand I'm always happy to give advice or even just listen
Kate - your words are so inspiring, as well as being true. It is a long and, sometimes VERY difficult, slog (still @ 17 months or so to go on my five-year IVA journey) - but definitely worth it.

I know that an IVA isn't right for everyone, but I still maintain that it was the best thing I did for my former debts and present and future wellbeing.

Thanks for your post, and many congratulations to you on turning your life around. You are a brave person. Anyone can stick their head in the sand - it takes real courage to admit that one has a debt problem and then go on to take proactive steps to sort themselves out.

I wish you lots of luck and hope you go on to do many nice things in the future. xx
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# 12
theflowergirl
Old 20-05-2011, 12:04 PM
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thanks Kate, just what i needed to read today. I'm just starting off in the process of the IVA, and updated my creditor list to my IP and it's depressing reading but feel much better than burying my head in the sand that i used to do...

thanks again, and best wishes for the future...
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# 13
SunshineBear
Old 20-05-2011, 3:56 PM
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Could your husband ask the tax office to keep the 1000 as a pre-payment for next years tax? That way it isn't a windfall at all??
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