IVA and Shares

Aliensteve

Hi there,

I have a 5 year share scheme SAYE that's due to finish on 1st april 2012.

I entered an IVA now a year and 2 months in to it.

I told them about the share scheme when starting the IVA and they said that they would expect see at least £950 pounds from this.

In the contract it says that any monies that arise and is 10% more than you earn then 50% of that should be paid to them.

I thought my shares were due to finish this year but it's next year, so after informing them of this they replied with.

We have updated our records to show That your shares will finish 1st April 2012 and will expect the total amount to be paid.

My question is, do I have to pay the full amount or only 50% of that which is over the 10% of my income?

coxyboi

if u agreed to give them £950 out of it before they should still accept this even if it a year late?
but this may differ if ur monthy agreed payments are afected by this (ie u cant pay what u said u would because u still have to pay into the shares,)
could try making fair offer, will depend on what u owe,
i belive that they may see any monies payed into the shares as money u should be paying them, and any value they hold as a way of paying off your debts,
but when u go into an iva u sort a payment plan
money for bills to live rent tax ect,
money for contracts, phone ect
money for your self needed, clothes travel food
money left or expendable income (most of this would be claimed for the iva)
included in ur expences they may try to clame it, but if it wasnt and u been strugling to pay it out of ur own funds u may get sympathy,
i know when i was in mine i avoided doing over time as they would want more off me, and lost the payslip with my xmas bonus on it,

althas

I would think (unfortunatly) all would be expected. As I did not have any I can not be 100%, BUT if you have some savings at the start of the IVA, I presume they would have to be paid against your debt BEFORE amounts were agreed. Sharesaves (again I presume) would be counted in the same way. They are not earnings or overtime etc. but another form of saving (same as putting £50 into an account each month) just with the chance of a better return or at worst your money back plus interest

Sorry

Aliensteve

Thanks for your replies peoples.

I guess I will have to cross that bridge when I get to it.

The original debt was 17000+ but the creditors accepted 15000+ and so the extra money that gets paid to them, I do not think that this will make the time shorten on IVA; it just means they get more money. They never seem to give a straight answer on this.

Aliensteve

One Zero:j

Soong

Aliensteve wrote: »

One Zero:j

I understand it One Zero.

And 10 out of FA people who know binary know HEX