Additional Income

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snoogle

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Joined: Thu Feb 01, 2007 11:47 pm
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Post by snoogle » Tue Feb 27, 2007 12:43 am
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Hey all

My IVA was approved recently so brilliant! Also I had the standard amend about any additional income not covered in the proposal i.e. overtime or bonuses I have to give 50% tot he IVA which is fair enough. But.....I now get a bonus if a new division of our companey makes over its target starting from April - 10% of however much over target. The target is 10k but say for instance it made 110k and I got a 10k bonus could I still keep 5k and give 5k to the IP as it wouldn't be guaranteed again next year and the target would go up. Its a new branch of what we do so in all probablility it wont make too much but just wanted to ask the question so I know where I stand in March 2008!

Am asking the question also as its not too late for me to turn down the new responsibility (and really big stress potentially) if Im not going to see any financial benefit from it. Sounds a bit harsh but I have a job Im good at that Ive been in for 6 years and whilst I want the new challenge I also want to see some benefit to me as there would be no rise in my basic pay.

Thanks in advance!
Last edited by snoogle on Tue Feb 27, 2007 1:11 am, edited 1 time in total.
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iva_squirrel

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Location: United Kingdom
Post by iva_squirrel » Tue Feb 27, 2007 7:01 am
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Good morning,


I am so happy to hear about your good news.

The excitement, the true excitement, is always in starting again. Additional responsibilities with extra income and moving forward sound great.

I am sure you will be able to keep fifty percent of your additional bonus but it would be a good idea to double check with your IP before you make such a big decision.

Good luck and please keep us posted.


Kind regards,


Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net
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MelanieGiles

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Post by MelanieGiles » Tue Feb 27, 2007 10:36 am
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Yes - 50% is 50% - so you can happily keep your share of the bonus, unless of course you wanted to give it to your creditors on a voluntary basis to enhance the dividend to be returned.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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