www.iva.co.uk

Hello to you all

I am 1.5 years into my IVA, its not a huge amount, about $15K, paying off at £184 a month. My boss has just told me that I will be getting a bonus of £6K (before taxes) and I was wondering if I will get to keep any of it as I have not had a bonus before. Also, when I started my new job, I have a £1K per annum clothing allowance which is stated in my contract (19K per year plus 1K clothing allowance) but on my payslip, it does not show the difference, it has been paid as a salery of 20K. Is this going to be a problem?

Many thanks for you help, and have a great day

Emily

Hi Emily,

I would speak to your IP about the bonus, but it will depend upon your proposal/chairmans report as to what you need to pay across to your IVA.

As to the clothing allowance, personally I think you should be ok, but speak to the IP about that.

I would discuss the clothing allowance with your IP for a deffinite answer.
As for the bonus payment, its highly likely you will have to pay it all across im afraid.

The bonus is very likely to be captured under the 50% uplift provisions, but your own proposal will dictate exactly how much you may need to pay over.

Was the clothing allowance included in your IVA for the purposes of originally calculating your disposable income?

Thanks guys I am waiting for my IP to call me back as I spoke to him late yesterday, he is going to let me know this morning if I get to keep anything. He thinks I will get to keep some of it, so fingers crossed, I need some clothes for work! I also just want to say, I hope everyone is doing ok who is going through an IVA, it is starting to get to me a little bit, and emotionally I am starting to stuggle. I know it will all be over soon, so I'm hanging in there!! Hugs to all [:D]

Hope you get to keep some of it.

Sorry you're having a bit of a wobble, I think we all have that sometimes.

We're all here to support each other, so anytime you want help or advice, someone will be around.

Hi everyone [:)]

Well, I spoke to my IP, I was told that I get to keep 50% of it which is such a huge releif. My partner still has not found work so what I get to keep is put in a savings account to use when we need it if he doesn't find one soon [|)] As I have got a pay rise too, I am waiting to get my revised payment scedule sent back to me, I have been given a clothing allowance in my new contract, so it will be interesting to see how it all works with that. My work has been very supportive recently, which has helped so much with it all. I just keep thinking to myself a few more years and it will all be done....but at the same time, I think, these are supposed to be some of the "best years of my life" and I'm living on a shoe string! Still, one must pay for ones mistakes at some point, better to do it sooner rather than later! Hope everyone is doing ok, I will try and post on again very soon [:D]

Nyu x

good news nyu the bonus should help
,no how you feel it is a bit of a rollercoaster but your getting there.

Congratulations, that's really good news x

That is good news...congratulations x