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Posted: Mon Jun 20, 2011 2:29 pm
by magpie1
hi every one
I have had a iva accepted at the beginning of June but my first payment don't start until the 1st of July.my question is my wife is due a bonus on the 28th of June from her employer. we don't know what amount,but if she gets it before the first payment due, do we pay the 50/50 split or do we hold on to it as the first payment is next month.
Posted: Mon Jun 20, 2011 2:36 pm
by nepensioner
Hi Magpie, welcome
I believe that it is any money received after your creditors meeting, is your wife in an IVA too?
Posted: Mon Jun 20, 2011 2:38 pm
by magpie1
yes
Posted: Mon Jun 20, 2011 2:41 pm
by magpie1
yes she is
Posted: Mon Jun 20, 2011 2:41 pm
by nepensioner
I think you need to have a look at your proposal to see what it says about bonuses windfalls etc, if in doubt have a quick word with your IP
Posted: Mon Jun 20, 2011 2:45 pm
by magpie1
ok thanks
Posted: Mon Jun 20, 2011 2:57 pm
by lem
I would presume you would now have to start and show both your payslips to your IP anyway since the IVA is now approved where the bonus would show up, as you are now both in an IVA you are bound by its terms irrespective of the fact you haven't made your first payment as yet
Posted: Mon Jun 20, 2011 7:05 pm
by Broke of London
The iva has started so I believe the bonus will be due to the iva as per the terms of your agreement. Do speak to your IP for a definitive answer as we can only make assumptions. x
Posted: Mon Jun 20, 2011 7:09 pm
by kallis3
I agree that the bonus will be due in the IVA. It doesn't matter when the first payment is, it is the date of approval which matters.
Posted: Mon Jun 20, 2011 7:37 pm
by plasticdaft
Yup if the iva has been approved then your wifes bonus will fall under whatever rules are listed in your iva paperwork,if in doubt contact your IP.
Paul