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Overtime payment question ?

Posted: Wed May 29, 2019 7:54 pm
by Mark_H2
Hi everyone,
I been using and reading lots of posts and found all the information and advice very useful.
I’m currently in 5th year of my IVA with McCambridge Duffy and so far while it’s been tough they have been great.

I have expecting a bonus payment from work (as I have previously received) and wondered if someone could help clarify a point for me.

My IVA states that any payment over my regular monthly income plus 10% should be split 50% to my IVA and I can keep the rest. However, my question is what is meant by the “regular monthly income” ? Does this mean what I earned at the start of my IVA or what I regularly earn now 4 yrs after my IVA started. The IVA is not really clear about this point.

I will ask my IVA provider but wanted to gets some thoughts from the forum first.

Re: Overtime payment question ?

Posted: Thu May 30, 2019 8:10 am
by Lisa Thomas
I suspect the bonus falls under the 'windfall clause' and may have to be paid over in full.

Ask MD to clarify their stance for you.

Re: Overtime payment question ?

Posted: Fri May 31, 2019 2:54 pm
by Foggy
A work related bonus is not a windfall, but will fall under the extra income category and, yes, will be dealt with by the 10% 50/50 rule, as you suppose. The 10% is based on the regular monthly base income as assessed on your last review.

Re: Overtime payment question ?

Posted: Sun Jun 02, 2019 5:57 pm
by Mark_H2
Fri May 31, 2019 2:54 pmFoggy wrote:
A work related bonus is not a windfall, but will fall under the extra income category and, yes, will be dealt with by the 10% 50/50 rule, as you suppose. The 10% is based on the regular monthly base income as assessed on your last review.

Excellent, thanks