lots of money

pammie39

hi
my iva has been going for nearly 2 years,
if i won some money, say £1000,(for example) i have to give the company 10% over the value of my wages and then 50%.

is this true??? or how do they work it?

Not_so_wise_one

Yes, it is classed as a windfall and you would usually have to pay 50% of the amount after the first 10% that you can keep. Usually you are allowed to keep £500 of any windfall like that, but you need to check your report for the detail or contact your IP for confirmation.

pammie39

thank you for replying quickly

i'm only asking because, i am trying to claim back credit card charges and ppi,(but not with iva creditors).
my husband is also getting made redundant soon, so will have to give them some of that aswell, (this will leave us very short of cash ).

thecableguy12

Not_so_wise_one wrote: »

Yes, it is classed as a windfall and you would usually have to pay 50% of the amount after the first 10% that you can keep. Usually you are allowed to keep £500 of any windfall like that, but you need to check your report for the detail or contact your IP for confirmation.

yes this is usally the case but it all depends on the modifications that was signed upon acceptence of the Iva, if its not listed or there was no mods at all then this may not have to be paid although it could be stated in the original proposal - they ned to fish out the paperwork