Bonus !!

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john.jk

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Post by john.jk » Wed May 28, 2008 5:40 pm
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Please can you tell me what happens if i get a small xmas bonus from my employers ? will the extra money in that pay packet be taken by my iva payment ??
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indebtforever

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Post by indebtforever » Wed May 28, 2008 5:42 pm
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anythink over £500 after tax is halved in mine read your report it will tell you in there the clauses
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kallis3

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Post by kallis3 » Wed May 28, 2008 5:43 pm
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Hi John,

I think it depends on what your IVA said. If my bonuses are more than 10% of my pay, I keep the first 10% and then 50% of the rest. The other 50% goes to the IVA.

You would need to check your report.
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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kallis3

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Post by kallis3 » Wed May 28, 2008 5:45 pm
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Sorry, hubbie has just corrected me - if my bonus etc is more than 10% of my normal take home pay, I pay them 50% and keep the other myself

Sorry, old age creeping in there!
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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TheMatrix

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Post by TheMatrix » Wed May 28, 2008 6:31 pm
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It depends on the terms of your IVA, mine stipulates a 50:50 split on overtime, bonuses and windfalls.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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kallis3

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Post by kallis3 » Wed May 28, 2008 7:00 pm
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My windfall clause says I can keep the first £500. The rest gets paid into my IVA. It won't pay to win too much on the lottery!
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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cfnc

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Post by cfnc » Wed May 28, 2008 7:04 pm
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Is a xmas bonus classed as a windfall, or extra wages?

Kirsty
Kirsty
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facingittogether

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Post by facingittogether » Wed May 28, 2008 7:41 pm
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my husband gets a bonus some months!

in our report it says we can keep £500 of a windfall!

will hubbys bonus come under the overtime clause( 50% up and above 10%) or be classed as a windfall?

confused!

barb x
12 down - 60 to go! woo hoo!
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TheMatrix

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Post by TheMatrix » Wed May 28, 2008 8:06 pm
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They are all different, hence why they are Individual.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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facingittogether

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Post by facingittogether » Wed May 28, 2008 8:09 pm
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think i will have to ask my ip!

i know hubbys overtime is 50 % to be paid over up and above 10% of his basic but not sure how a bonus would be classed!

barb x
12 down - 60 to go! woo hoo!
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