Outside of your home and vehicle other assets may have to be investigated by the supervisor of the IVA. These don't include day to day personal belongings but can include general assets with high net worth. Examples are shown below:
An IVA supervisor can request funds from any lump sum policies you may have. Generally this is only available if you are 50 or older, and your own scheme may have its own rules. Please note that under an IVA your state pension is definitely not affected. However the creditors usually ask you to stop making payments into a personal pension plan whilst the IVA is running. The creditors see the pension payment as a type of “savings account” and ask the extra money to be paid into the IVA. It is illegal to make excessive contributions into a personal pension plan just before applying for an IVA. This is considered to be an attempt to hide money from your creditors.
Creditors can benefit from Share option schemes that are incentives such as performance-related bonuses and are used to encourage higher levels of staff performance. The rewards usually relate to the achievement of certain goals, either personal, team or organisational, or a combination of all. IVA proposals can have 50% overtime/bonuses clause which are created so the creditors can benefit and that also you also benefit. This can be viewed in a few differnet ways and if the creditors made it 100% there would be no incentive to work overtime at all.
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