I recently worked my first overtime in ages (rarely available) which will be in this months pay, and have just been told we'll get a bonus, also in this months pay (no pay rise until 2012 though).
Given the 10% / 50% rule, how much will I have to pay to the IVA based on these purely hypothetical figures?
Monthly salary £2000
Overtime £100
Bonus £200
So 110% of usual salary is £2200. All this would be £2300. Would I pay 50% of the additional amount, so £150 as 50% of £300, or would I pay 50% of the amount over 110%, so £50 as 50% of £100? I suspect it's the former and will confirm with IVA supervisor, but would be grateful for your thoughts in the meantime.
Do make sure that your specific proposal carries the provisions you are quoting - not all allow the retention of 10% of basis salary, and even those that did originally may have had these terms modified out at creditors meeting.
