Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

#24506 Hi,

My wife and I are in a joint IVA which was agreed in August this year. It was a real relief to get it through, in total for around £70k. We are paying off 25p in the £. We are paying off an amount for 30 months, then when the HP on my car finishes it goes up for the remainder and finally we need to settle a further £7k from remortgaging our house at the end.

So we have been paying it for two months and with everything that went on with it and with starting a new job at the time I am now in a position where I will receive a quarterly bonus (although not guaranteed). We have no clause in the IVA for how much of the bonus to pay. I will be notifying the IP next week (when I find out how much the bonus is) but am unsure if I offer an amount, or if they take 50% or will they demand all of it?

Also in paying in my bonus will this shorten the term of the IVA or will it just mean we pay more than 25p in the £? If I received a full bonus every quarter then I could pay off the IVA in around 2 1/2 years (assuming I paid them 50% of it).

Any advice for how to approach this will be greatfully received.


#24800 DELETED
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By JaneClack
#25015 If there is nothing in the proposals and no modifications are made at the creditors meeting I suggest you contact your supervisors and negotiate with them. I would be tempted to ask to put my bonus on hold if they wanted all of it. I am surprised that nothing was written into the proposals about this - unless they are regarding it as windfall money. Check!