Bonus/Windfall Question

[endorphin]

Bonus/Windfall Question

Hi guys,

I''ve been trying to find an answer to this question for a while. I am in the second year of an iva and am quite possibly due a bonus this year of around £8000. My proposal states that I am responsible to pay 50% of any additional income I receive. My question is this: If I was to receive this bonus and hand over 50% would this amount be deucted from the total amount stated in my proposal or would it go directly to the creditors?

Thanks

Sam

[Lisa2009]

Hi, i would check the exact wording in your proposal with regards to bonuses. It may well be classed as a windfall and ALL need to be paid into your IVA.
If you are still unclear after reading the proposal then i would ring your IP and discuss this direct. He/she has the full details of your case and will be able to give a deffinite answer.

Hope that helps.

[MelanieGiles]

Wasn't this post posted earlier? I am sure I answered it earlier on this evening?

[endorphin]

Yes Melanie, I posted this twice by mistake!!

Thanks for the advice Mrs Skint, would a bonus be classed as a windfall? My iva is through cleardebt, for some reason bonuses are not mentioned. What is mentioned is to declare 50% of any additional income earned and windfalls.

Think I'll ring my IP.....

Cheers

Sam

[MelanieGiles]

As David Mond, who I assume is your Supervisor, is a regular contributor to the forum - it is probably better to leave that one to him to answer. David is in the US presently I believe, and generally comes onto the forum in the small hours - but he is bound to respond.

[endorphin]

Think I'll leave it to David then if he sees this post. Thanks Melanie.

[David Mond]

Let me check your Proposal endorphin - please email me your details so that I know your name and then i'll get back to you shortly. You can get my email address from clicking on my Avatar.

[David Mond]

Thanks for emailing to me endorphin and glad was able to help with your query.