Bonus Payment

[cash strapped girl]

Hi,
I'm new to this site, but would just like to say how helpful I have found it so far.
To give a brief history I entered into my IVA a few months ago. The company I work for was taken over last year by another company. The consquence of this was that my overtime was abolished and this left me unable to pay my credit cards and loans etc...
When the company was taken over the old boss paid all the staff a bonus into their wages to say thank-you. The new company made it an agreement that we only received half the payment last year and the second half would be paid this year. This was to prevent staff collecting the money and leaving the company.
As stupid as it sounds I didn't even think of this when I entered into my IVA. I'm unsure if I'll have to pay them the whole amount or half of the payment.
Also my circumstances have changed since I started my IVA. I live with my Mum and pay her keep to stay at her house. Last month she lost her job and has had to take a job with less money. I now have to pay £350 per month rather than the £200 I was paying so we can still stay in the house and pay the mortgage. This is going to be difficult for me as I'm already stretched paying my monthly payments but it's obviously cheaper than if I had my own place.
My IP has told me in the past that if I have any major expenses within the year to make sure I keep all receipts etc... and this could offset any wage increase I may have at my annual review. Do you think my bonus would be offset as I have increased living expenses?
I'm sorry if this seems all over the place, I'm not sure what to do for the best, as yet I've not informed my IP as I don't want to shoot myself in foot but yet I want to be upfront.
Any advice would be greatly received.
Many thanks
Cash Strapped Girl x

[Adam Davies]

Hi

Fifty percent of the bonus will have to go into your IVA but I would ask your IP to accept all of it to offset this against reduced monthly payments whilst you have to pay the extra keep.If this reduced payment goes on for longer than the bonus can offset it then you will need to agree a way forward with your IP but i doubt that they will be keen to propose a variation meeting so soon.
Your IP will try their best to accomodate you,give them a call
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Hi there

I personally would allow you to keep all of the bonus against your increased rental payments, and disclose this to your creditors when I next reported. But you will need to consult your own IP to see what they say.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk