www.iva.co.uk

Hi there,

I am in an IVA with Freeman Jones - my work has introduced a bonus scheme which is worth varying amounts each month.

At the moment if I do over time I am able to keep 50% of it if it takes us past our monthly limit.

My question...will the same rule apply if I hit bonus? I.e. will I be able to keep any of the bonus I have earnt?

Thanks

Hi Benny,

As far as I am aware the 50% should apply to your monthly bonus as well.

Check it out with your IP though to make sure.

Its wrong to suggest it....but don't tell them.
You have earned it so keep it.

Could not do that anyway as it will show on statements at annual review soon...nor would I, as I would be wracked with guilt

You must tell your IP if you earn anything extra - it will get picked up when payslips are submitted.

Ransonkate - please don't suggest that people hide things from their IP, the forum cannot condone dishonesty.

In all honesty rasonkate that's not the best advice is it? You would just be stacking up a whole load of problems for the future. And what happens when you need to submit your pay slips and bank statements for a review? The idea whilst in an IVA is to be completely open and honest so that you do indeed pay back as much as you possibly can. Might sound trite but there you are.

I agree I could not do it either....but I will say this that I know of one individual who has got around that problem by being very creative....
I do not have the bottle to try it...let alone put it on the forum.

Creative or deceitful? [:D]

Thanks Kallis - hoping we can keep at least some of it

x

I don't doubt there are some people who have tried but I'd be worried to death that I was going to be found out and will always be upfront and honest with my IP.

You wouldn't be allowed to put it on the forum. We'd never let anything like that be put on here.

Me too Jan.

Hi Kate. The person you know might be being "creative" at the moment but I know that these things often come back and bite hard on the rear end ! For, one, you know. How many others know and are going to talk about it ?

Deceitful and dishonest springs to mind with me.

I get a yearly bonus, that come under the same rule as overtime payments 10/50/50.
As I get paid weekly, have sent email to iva company to find out if I should pay it weekly. (hope not) or over the month.
as over the month have not took home over the 10%

Yes indeed. I can not understand why somebody would jeopardise their IVA status so foolishly after all the stress that you initially go through. Maybe they just become complacent after being in it for a while, not sure I ever will. I remember all too well what it was like being pursued by creditors. Complete transparency is the only way to be.