www.iva.co.uk

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.

Thanks

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.

Hope this makes sense!

Thanks for that info it makes much more sense now. Can I just ask where would the 50% of the bonus which I send to Grant Thornton go to?

Hi,

It will go to your creditors so they get a higher return.

Sinton

Bonus is calculated just as Melanie has outlined if the case follows the IVA protocol - please contact us and we will be able to clarify for you.

Kind Regards
Karol