Posted: Mon Jul 23, 2007 1:11 am
Hi All
I have the follwing modifications in my IVA which were approved. I work on a bonus scheme and come April may recieve around a £6000 bonus will I be able to keep 50% of it? This is not a set amount and is directly realted to how a new business venture I manage performs in terms of operating profit. (I get 10% of OP over and above 10k)
"A full review of your income and expenditure will be undertaken annually. This must include a copy of the debtors P60 together with payslips for the three moths prior to the review. The supervisor will determine whether increased contributions can be made and any increase must commence in the month following the review. In addition to proposed monthly contributions the debtor will be solely responsible for paying 50% of any addtional income above the quoted proposal. These payments do not need to be paid monthly provided the total amount is paid before each anniversary."
Also there is a clause that says:
"Should the debtor recieve any windfall, asset or inheritance during the course of the arrangement which would be considered after aquired property within the meaning of section 307 of the insolvency act 1986 it must be immediately paid or transferred to the superviosr up until the value necessary to pay 100p in the £ to creditors"
I ask the question as I recently took on a much more challenging role at work where my only addtional remuneration to that which I got previously is the bonus scheme.
Also (sorry this may cancel out the above question) .....my mother may be willing to offer a full and final settlement sum to my creditors in December. I am paying them £0.46 in the £ back in my IVA and come December I will be 10 months in with £32900 left to pay. It's unlikely she will be able cover that in it's entirety but in peoples experience what would be a realistic amount to offer?
Thanks as always for your advice.
I have the follwing modifications in my IVA which were approved. I work on a bonus scheme and come April may recieve around a £6000 bonus will I be able to keep 50% of it? This is not a set amount and is directly realted to how a new business venture I manage performs in terms of operating profit. (I get 10% of OP over and above 10k)
"A full review of your income and expenditure will be undertaken annually. This must include a copy of the debtors P60 together with payslips for the three moths prior to the review. The supervisor will determine whether increased contributions can be made and any increase must commence in the month following the review. In addition to proposed monthly contributions the debtor will be solely responsible for paying 50% of any addtional income above the quoted proposal. These payments do not need to be paid monthly provided the total amount is paid before each anniversary."
Also there is a clause that says:
"Should the debtor recieve any windfall, asset or inheritance during the course of the arrangement which would be considered after aquired property within the meaning of section 307 of the insolvency act 1986 it must be immediately paid or transferred to the superviosr up until the value necessary to pay 100p in the £ to creditors"
I ask the question as I recently took on a much more challenging role at work where my only addtional remuneration to that which I got previously is the bonus scheme.
Also (sorry this may cancel out the above question) .....my mother may be willing to offer a full and final settlement sum to my creditors in December. I am paying them £0.46 in the £ back in my IVA and come December I will be 10 months in with £32900 left to pay. It's unlikely she will be able cover that in it's entirety but in peoples experience what would be a realistic amount to offer?
Thanks as always for your advice.