Hi there,
I have completed my first year in my IVA and I have been asked now to supply last 3 wage slips and bank statements (not my P60 which is strange as its in my proposal that I will be asked for this).
I have received in this past year a 10% salary bonus (2,600 net income after taxes etc). I also had a 10% payrise in January of this year both of which I havent declared as of yet.
My wife was on maternity leave until November (went back to work 2 days a week instead of 3 days a week) In my agreement it was assumed my wife would go back to work for those 3 days and in September. Therefore I absorbed
I havent declared this year my bonus or wage increase (I have saved 50% of the bonus I got but my wage increase has been absorbed into a whole host of things, Playschool costs (one of costs of 350 pounds, increased petrol/insurance due to swapping car in for bigger car due to 2 children now, Food costs, clothing etc).
Looking at my income/expenditure it now seems i have less money than at the time of my proposal even with the 10% increase as we just couldnt get adequate childcare for 3 days a week.
with all this in mind i have a couple of questions
1) Bonus payment
I have re-read today my proposal on bonus's/overtime etc and it reads as follows.
"The Debtor shall report any overtime, bonus, commission or similar to the Supervisor if not included in the original surplus calculation and where the sum exceeds 10% od the Debtor's normal take home pay. Disclosure to the Supervisor will be made withing 14 days of receipt and 50% of the amount (over and above the 10%) shall then be paid to the Supervisor within 14 days of disclosure. Failure to disclose any exceptional overtime, bonus, commission by the Debtor will be considered a breach of the Agreement".
What exactly does this mean?
Does this clause relate to my annual or monthly take home pay? I dont see anything else in my proposal to say either.
Does this mean I take the first 10% of the bonus then split the rest 50/50?
My net salary per month is 2500.
I am also concerned about the fact i didnt disclose my additional take home pay. This year has been horrendous for extra cost etc as i described below so I am a little nervous about that
Any advice of this I would much appreciate.
thanks
zaza