URGENT advice for IVA

FiatFan_2

I would say yes it does. When I changed jobs I got a small increase in wage, I was told just to use the existing income+10% limit until the next review. When you come to the review, just make sure you make the best of extra allowances to counteract the wage rise. My wage rise went against the increase in fuel due to new job.

UpToMyNeckInIt

Stressed_NW wrote: »

Cheers guys. Also regarding the increase in salary. IP account manager infomed me that the 10/50/50 rule should apply to actual wage rise, not just overtime/bonuses etc. Theres nothing in the proposal regarding this. Any views?

Seen a lot of debate recently on how the 10/50/50 rule is applied. Not just whether or not it applies only to bonuses etc, but also if you calculate it quarterly (weekly paid employees), Monthly (regarded as the norm for monthly paid employees), or annually (for some self-employed).

Simple answer is: Get it clarified in writing from your IP (NOT a case worker).

Anondebtadvisor

There is every possibility that NRAM will ask for a 12 month extension if you are offering a fairly low return even without the equity release provisions.

Do you know what return you are offering to creditors? are NRAM a majority creditor?

Stressed_NW

Its about 25p in the £. Surely they must state this when agreed in the beginning??

UpToMyNeckInIt

...I too have heard that NRAM are one of those creditors who sometimes ask for a 6th Year.

I don't think (they?) NRAM have to state this at the beginning (I assume you mean your original enquiry), but they may pipe-up at your Creditor's meeting. Saying that, your IP should have been sufficiently on-the-ball to let you know from the outset that this could be a possibility.

I remember mine told me something similar regarding MBNA. However, come the meeting of creditors, and despite being my single largest creditor, they did not even bother to vote.

So you may get lucky with NRAM as well.

Good luck.

Stressed_NW

Thanks. Im just waiting to get hols over with then can inform IP of small amendments to proposal (factual stuff). Theyll hopefully then set up creditors meeting. Has anyone ever had to attend these? Had 1 phone call from NRAM bout mortgage not being paid and thats it. Told them what was happening and they were fine. Feeling less stressed x

UpToMyNeckInIt

You won't have to attend the MoC. (I don't even know if it is an actual 'meeting' or whether or not it is reduced to some sort of electronic voting process).

You just have to wait for your IP to tell you if your IVA has been accepted or not (that is as I remember, about the most stressful part of the process). Assuming it is accepted, then your journey begins.

...You will feel even less stressed at that stage!

Anondebtadvisor

Creditors can make any modification they want to the IVA proposal at the creditors meeting and it is a decision for you if you accept the changes.

A creditors meeting is usually a virtual meeting where creditors vote by phone, fax or email and you will not have to attend personally unless you wish to

Stressed_NW

YIPEEEEE IVA agreed today.

Find_The_Real

Congratulations on the good news Stressed and wishing you good luck for your IVA.