one off bonus at Xmas

[markiboy]

I have just been told that I may get a one off bonus at Xmas. Do I have to give any of it to the company? It is about £1000. This is not every year and it is not the norm.

[hara]

It is considered as a windfall as I understand normally all windfalls above a certain figure wiil have to be handed in full.

Unless tour original proposal excludesit.

hara

[Skippy]

It depends on the terms of your IVA. I had a bonus last Christmas and was asked for 50% of it. You will need to clarify with your IP.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[markiboy]

All it says is 50% of overtime?? Thanks guys. Anybody else can clarify?

[hara]

Over time and bonus are differently treated,You better clarify with you IP to make sure.

hara.

[MelanieGiles]

Then it is a windfall, and you will probably have to hand over all of your bonus (net of tax).

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

[hara]

AS I understand Melanie is correct.I would not spend any of it until it is clarified with IP.

hara.

[Adam Davies]

Markiboy
You need to fight this one and have this treated the same as an overtime payment,i:e 50% to you and 50% to the IVA
I really do not see how a bonus can be classed as a windfall,a bonus has to be earned.This is an area that myself and Melanie do not agree on.
Regards
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[hara]

That is a new twist.

hara

[markiboy]

Thanks once again I will contact my IP. Could you also tell me if I give 50% of any extra earnings, overtime etc, would my IVA finsh early, ie is taken from the total or it's just swallowed up?
markiboy

[Adam Davies]

Hi again
Unless you are offering a 100p dividend any extra money will just be "swallowed" up and will give your creditors a higher dvidend than the one originally proposed.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[louiseh]

My proposal states 50% of overtime and other additional income associated with employment ( assuming this means bonuses)

[aguise]

I would think so louise mine says 50% of any rises in basic income, I would say that would include bonuses as anything from your employment is your basic income, overtime wtc.

Ang

[markiboy]

Thanks again. I bet they would take the shirt from your back.