Bonus just before first IVA payment due ?

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magpie1

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Post by magpie1 » Mon Jun 20, 2011 2:29 pm
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hi every one
I have had a iva accepted at the beginning of June but my first payment don't start until the 1st of July.my question is my wife is due a bonus on the 28th of June from her employer. we don't know what amount,but if she gets it before the first payment due, do we pay the 50/50 split or do we hold on to it as the first payment is next month.
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nepensioner

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Post by nepensioner » Mon Jun 20, 2011 2:36 pm
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Hi Magpie, welcome
I believe that it is any money received after your creditors meeting, is your wife in an IVA too?
F & F Accepted 19th Oct 2010
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magpie1

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Post by magpie1 » Mon Jun 20, 2011 2:38 pm
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yes
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magpie1

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Post by magpie1 » Mon Jun 20, 2011 2:41 pm
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yes she is
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nepensioner

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Post by nepensioner » Mon Jun 20, 2011 2:41 pm
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I think you need to have a look at your proposal to see what it says about bonuses windfalls etc, if in doubt have a quick word with your IP
F & F Accepted 19th Oct 2010
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magpie1

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Post by magpie1 » Mon Jun 20, 2011 2:45 pm
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ok thanks
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lem

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Post by lem » Mon Jun 20, 2011 2:57 pm
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I would presume you would now have to start and show both your payslips to your IP anyway since the IVA is now approved where the bonus would show up, as you are now both in an IVA you are bound by its terms irrespective of the fact you haven't made your first payment as yet
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Broke of London

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Post by Broke of London » Mon Jun 20, 2011 7:05 pm
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The iva has started so I believe the bonus will be due to the iva as per the terms of your agreement. Do speak to your IP for a definitive answer as we can only make assumptions. x
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kallis3

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Post by kallis3 » Mon Jun 20, 2011 7:09 pm
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I agree that the bonus will be due in the IVA. It doesn't matter when the first payment is, it is the date of approval which matters.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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plasticdaft

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Post by plasticdaft » Mon Jun 20, 2011 7:37 pm
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Yup if the iva has been approved then your wifes bonus will fall under whatever rules are listed in your iva paperwork,if in doubt contact your IP.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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