To be honest with you I am more than happy to hand over my 50% performance bonus (after deducting the 10%). I assumed before going through the process we would have to hand 100% over so I think this is very fair based on what is being written off.
I agree. The creditors are being patient with us we should try and repay what we can. Unleass bonuses are big ones the 10%/50% rule can be quite reasonable.
1st call 3rd Nov 2010.
Creditors meeting 21st Feb 2011.
IVA approved 22nd Feb 2011.
Will all be over 21st Feb 2016.
I think it's an excellent incentive to get people to pay a bit more into the pot by doing overtime. You are doing extra to give yourselves extra to spend as you wish and also giving the creditors a bit more.
Our return is estimated at 17p in the £1 so we are going to be paying our 50% with pleasure as a gesture of thanks for being understanding.
What's overtime? Working in the public sector as I do there isn't any!!
The closest we got to a bonus (and this has now been knocked on the head) was that if we went 12 months without taking sick leave we got an extra day off and a £10 M&S voucher. The voucher has definitely stopped, not sure about the extra day off - I've not gone 12 months without being sick for a while now.
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
