Hello
We are currently in our 2nd year of an iva with Grant Thornton and have been given a £1000 bonus at work. As we will be expected to declare this money, we wondered if it would be anything over 10% of my net monthly wage or is it my gross monthly wage, also is it 10% of my monthly wage only as it's my bonus or do I take my husbands monthly wage into consideration as he is included on the iva too.
It really does depend upon the terms of your own IVA, but assuming it follows the current IVA protocol, you ought to be able to retain 10% of your usual basic salary (net), and then send 50% of the remaining balance to the IVA, retaining the balance for you to enjoy. The calculations are based on your wages alone, and not the combined family income.
It will go to your creditors so they get a higher return.
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
