Lots of useful advice here so I'm really grateful for all the contributors efforts.
I am now receiving quarterly bonus commissions and although not guaranteed could wind up with me paying big sums to the IVA company and while all is fair in love and war had some questions surrounding this that don't seem clear in my agreement.
It looks like regardless of the period the bonuses cover, my IVA company (CreditFix) will be treating this as a monthly payment and subsequently I will get to keep 10% first then have to pay 50% of the remaining sum to them,
With regards to this, are these calculations done before Tax or after tax? as it stands it looks like I could wind up getting taxed a lot due to the bump this would have on my pay packet.
Secondly, our company offers Salary Sacrifice schemes where we can buy hardware directly either as one lump sum or in monthly instalments. I am desperately in need of a new computer for the home office and was wondering if I am to purchase this from them as a salary sacrifice, and for example, if my bonus was £1000 and this took it down to £500 would they still calculate this based off the £1000 before deductions and tax or would they only care about the £500 that hits my payout?
I am enquiring with my work to see if this can be paid out over a 3 month period following rather than in one lump sum as this may help me not have as much of it go to them.
CF are correct in that the bonus should be dealt with in the month it is paid, as payment for that month (even though it might cover 3, 6 or even 12 months). That said some IP's do actually average it out over the period the bonus is designed to cover. But CF will likely go for whatever gets the best return for creditors (and, by extension, themselves).
Salary sacrifice --- first you will need CFs agreement and they will not compartmentalise the repayment as being from bonus, but from income generally. It will not reduce the share of bonus taken by creditors.
The shares are calculated on the take home value of the bonus, after tax etc.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.