www.iva.co.uk

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.

Get bonus paid in cash. If its good enough for the Politicians then why not!

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.

Brigadeen, you will be doing the right thing.

JB1520 - please do not encourage posters to do things which do not comply with their IVA.

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?

Hi
You need to be totally honest in an IVA.
If you try and hide anything and are found out your IVA may be failed
Regards

I am always saddened to read posts which actively encourage people to be dishonest with their IPs. This forum is better than that.

Fortunately, those sort of posters are in the minority and there is always someone around to come back at them.

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.