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
Be wary about bonus payments. I'm with GT. I get an annual bonus whichhas been 3% of annual salary each year. If the bonus was paid monthly or was overtime)it would be 3% and would fit fine withing the 10% threshold. Cos I get it paid annually in May it boosts one monthly salary and I end up losing a chunk of it to the IVA - grrrrr
That is so unfair. 10% is 10% surely...whether it's paid in installments or in a lump sum at the end of the year!?! I never begrudge my creditors but this is a flawed system.
It is all down to what is in your proposal/chairmans report although it is usually 10% plus 50/50 but you need to check on that.
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 took my own advice Jan and dug out my chairman's report from the acceptance meeting. The 10/50/50 applies to anything over "normal take home pay"...doesn't state monthly or annually. As an annual bonus I had always assumed it would be measured against an annual take home salary. That way there is parity with monthly salaries and bonuses.
I think it's probably monthly - that's what mine is. I'd check it out though with the IP.
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
Already sent an email! I'm not hanging around and am prepared to fight them over this one...I'm not being penalised for taking my bonus annually instead of monthly! I'd neverheard of monthly bonuses before this site to even question my interpretation it applied annually. Another case of you don't know what you don't know...these proposals are so tricksy.
I hope you get this cleared up BOL. I know my overtime (if I did it) would be paid monthly. As to an annual bonus I really don't know if they would take monthly or yearly salary into account.
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
BOL, I get an up to 8% bonus paid annually in Feb I have to pay a lot across as it is 10/50/50 on a normal monthly take home pay, so because my monthly income is raised cos of the bonus it has to be paid across.
I was the same as you and assumed that an 8% bonus would be mine as it is under the 10% but it doesn't work like that.
If life is what you make it, I must have been in a strange mood when I made mine
This is a huge anomaly in the system and I can't wait to hear their justification for penalising bonuses paid annually. Did you ever get a reason Pandy? x
Morning all, I hope you all get your overtime/bonus situations sorted out.
We dont have the 10% & then 50/50 in ours, with ours its a straight 50/50. We dont get bonuses but hubby gets double time for working bank holidays, christmas etc, which we always pay 50% over when its in the bank. However with ours we dont have the pay it within 14 days, we have 6 months if its over 250, or if its below 250 we can pay at the end?! So sometimes I get confused on posts on overtime!
Im interested to know, Did you get an Answer Pandy?
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Glad you got sorted Briggadean & you know were you are with your bonuses & overtime.
Im sure the time will pass quickly, it has done for us, feels like only yesterday I was counting 4 years & now Im counting 2!
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
