bonus

[Daisy730]

Hi everyone,
I am in the second month of my IVa and due to get a bonus at work. This is one weeks wages. It's because I will not be getting a payrise and is a 'one off". I know I will have to declare this, but what's the chances I can keep it all?? Thanksm

[tracey73]

Hi it is my understanding you keep 10% then remainder is split 50/50, I stand to be corrected tho x

[Struzzo39]

my husband got a bonus earlier in the year and we had to do a straight 50/50. We're with Payplan

[Daisy730]

Yeah that's what I thought, just wondered on the possibility of keeping it all with having no payrise, cost of living etc

[tracey73]

Ah so does the 10% then 50/50 just work with normal pay, and not one off bonus's? Sorry Im new to all this :0) x

[Foggy]

The same should apply with bonus's, being earned income, Tracey.

Some proposals don't have the 10% disregard and go straight to a 50 / 50 split.

[Daisy730]

Oh! Thought it was worth asking anyway! X

[tracey73]

Look on the brightside anythings a bonus :0) The only payrise I will be getting is in oct when the minimum wage goes up!!!!!

[Broke of London]

Congrats on the bonus Daisy! You get to keep a good part of the bonus! It is a great feeling handing over extra to creditors! x

[KM1512]

I was working overtime for three months and after the period I sent the payslips and p60 into my supervisor she rang me last week and told we that I didn't have to pay any of the money into my IVA as my earnings over the year hadn't increased due to lossing pay for days we had to go on strike and a few other amendments as I had been acting into a higher grade and this stop and my pay reduced. So they make look at it in different ways as I think some supervisors work different than others[:)]

[Broke of London]

It seems so. I have to pay across according to the month it appears in my wage slip...nothing is averaged over the year.

So I am penalised for getting a yearly rather than monthly bonus - my 10% annual bonus is split with creditors as the annual amount appears in one month and judged as an uplift in that month alone. If my 10% bonus was paid at 10% per month, I wouldn't pay anything across. A bugbear of mine as it is unjust!

[KM1512]

Brooke it is strange the way companies different but my supervisor say it was the best for me and my creditors as for 6 of the months last year I was not earning even to cover all my bills and IVA payment, I explained that things had been tight and I was walking to work to save money and reducing food bill that is why I took the few months overtime.

[Broke of London]

It's good that they were sympathetic and let you keep that additional money.

[KM1512]

IT was a life saver as it will help with the school uniforms for the girls there is always something to drain that bit of happiness from you[:)]

[Broke of London]

Oh that's so sad! The iva is supposed to fill you with happiness as you are changing your life

God just read that back! Too much yoga today