IPA Avoidance

Gray-Fox

Goodbye to that 573

kepar

Gray-Fox wrote: »

Goodbye to that 573

You are starting to be petty.

So what he is paying that back, he could be having £50k+ written off

kepar

You still haven't answered the question about how much spare are you allowed in an IVA.

debt_doctor

kepar wrote: »

You still haven't answered the question about how much spare are you allowed in an IVA.

I gave an explanation of how income and expenditure are evaluated, and I managed to do it without calling anyone a 'sad little man' to get my point across.

The category for 'other' has a cap of around £140 pm for a single person. Virtually anything can be included in 'other'.

This is how 'spare' is allowed in an IVA, DMP and a DRO.

kepar

Surely an SOA has caps and you can end up with "spare" depending on the OR.

dojoman

So what is allowed in the "other" category? as you make it sound like you can have £140 for anything you want. Also what happens if the creditors do not agree with the proposed IVA?

debt_doctor

dojoman wrote: »

So what is allowed in the "other" category? as you make it sound like you can have £140 for anything you want. Also what happens if the creditors do not agree with the proposed IVA?

Yes, thats correct, I am saying that it is for almost anything you want - and so are the creditors - they set the CFS up to stop being too ridgid and prevent (as in the past) too many IVAs and DMPs failing.
The BR £100 surplus was for 'anything you want' just as the % surplus was for 'anything you want'

EDIT; sorry, forgot about the other part to your comment.
The IVA has to have the support of 75% of the creditors (in financial value ie amount owed) to succeed. If that happens then the other creditors are bound by the IVA. Often one large creditor has the full say of whether it will be agreed or not.

DD

philnicandamy

I agree with others the new IPA rules that came into force were totally unfair the older system worked better in my eyes BUT the insolvency office has to get its monies from somewhere hence the changes (its been in the pipeline for sometime anyhoo)

But i'll refuse anyone help who wants to defraud the system in anyway especially with the legal implications involved

philnicandamy

hisandhers1978 wrote: »

One thing is for sure is that you will not go to jail for doing a bit of overtime and keeping the money. I would just email the or saying you have a chance to do a bit of overtime but it won't be a regular thing.

Chances are you won't hear back from them but least you have don't your part by letting them know.

which the OP has been advised to do...the way the OP posted the question however sounded like he/she didnt want to inform the OR of circumstances

hisandhers1978 wrote: »

I'm amazed at the advice sometimes on here, I'm sure they just quote things from the insolvency website!

The op is wanting to do a bit of overtime and not give the money away!

If he is br I'm pretty sure he know what his br obligations are.

i'm sure he/she does but for the record? most dont quote directly from the IS tec handbook we're talking mainly from experiance...might suprise you as well some of us moved on to volunteer at CAB's and working at cccs etc

debtinfo

debt_doctor wrote: »

BR used to overcome it's ridgidity by allowing a surplus £100, and a percentage after that.

can anyone point out what is incorrect in this statement, there are 10 debtinfo points in it for the winner.