www.iva.co.uk

Hi Everyone

My first annual review is due January 2009 next year and since my IVA was agreed I received a "one-off" bonus of £750 in February but £500 takehome after tax deduction also my salary was increased monthly by approx. £42.00 after tax. I have read my Chairmans Report (Wilson Philips) but it indicates 100% in the pound under "Windfalls, Assets" section. I was going to declare this at my annual review or if necessary beforehand. Does this say to all of you that I have to give 100% of bonus and increase (£42 x 12 mths). As it is my first review I am not sure.

Your help would be most appreciated.

J.K

Hi j.k.,

Any bonuses, overtime etc I have, I keep the 1st 10% then pay 50% of the rest and keep 50% myself. I think that is what most people do.
Can't help with the payrise though as I have only just started my IVA and haven't had a rise yet.

It would seem from that wording that you do need to hand over the full value of the bonus - but do check with your IP to be sure.

I get to keep the first 10% then the next 50% - in essence I hand over 40% of my bonus to my IP for my creditors - for me I have to tell them within 14 days of receipt and pay it over within 14 days of them requesting - normally I pay anything extra over each month - that way what money I have I can keep!