I have been in my IVA for a couple of months and I know that 50% of anything extra I earn is paid to the IP to give to the creditors. Is this the same for my bonus(If I get one).
Hi Danny. It would be difficult to answer this without knowing what your proposal said or what modifications were proposed by creditors. Your IP would be able to answer this or the Chairman's Report should make it clear. However, in general 50% of bonuses are payable although your case may be different.
Our iva hasn't been completed yet but when we met with our IP we discussed bonuses, overtime etc and ours are few and far between so she said not to worry about including them. But I will ring each time we are due to recieve money.
JB1520 - please do not encourage posters to do things which do not comply with their IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Apart from breaching your IVA by receiving cash bonuses and not declaring them, your employer could get in serious trouble for not paying any Crown monies owed. If the employer does declare the payments it will show on a P60 even if the wage slip does not have it listed.
JB1520, why are you advising people to do things which may breach their IVA?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Fortunately, those sort of posters are in the minority and there is always someone around to come back at them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have no intention of being dishonest as this is my second chance. I just wasn't sure if a bonus was like overtime where you give 50% or counted as a windfall but I have taken the advice and checked and it is 50%.
A bonus is classed the same as overtime usually. Glad you have been able to sort it and you now have a bit of much needed extra cash.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
