Bonus Payment

[DevonLassie]

I am due a bonus payment this month of £1150 (before tax) and I know that I will have to put 50% into the IVA.

However I was also due a pay rise this month but my employer then decided to stagger the pay rise and now I won't get the full amount until January! The problem I have is that the monthly income I gave in the IVA took into account the payrise, therefore I am now short each month until Jan! Also my IVA went through with a modification of £15pm extra, so now it's going to be a bit tight over the coming months!

I was therefore wondering if there was anyway I could keep more than 50% of my bonus to cover me for the next 6 months? Is this allowed?

Thanks Devonlass

[Oliver]

You will need to discuss this with your IP. Or as an alternative (albeit one with the same net result) you could ask for your monthly income to be adjusted and bump up the payments to the required disposable income through your bonus payment.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva_squirrel]

Hi devonlassie,

You should talk to your IP and discuss this situation. If you are getting your pay rise only in January i'm sure your IP will find a different solution so you wont miss your payments. But i wouldnt keep any extra money from your bonus without speaking to the IP first.

Regards,
Michelle P.

[iva experts]

Hi DevonLass,

I agree with the other experts, I think the best way forward is to contact your I.P as soon as possible and discuss your situation.

Best Regards. IVA Experts

[MelanieGiles]

Hi there

Speak to your IP directly about these important issues! They are really the best ones to give you advice, and you ought to be able to contact them directly at any time.

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