Payrises bonuses

[n_b]

Hi there, just been reading about overtime/ pay rises windfalls etc. In my place of work we have a personal review of our roles completed every year and as such if you exceed your targets etc and do more than you should you can get a bonus , this is the incentive to put yourself forward to do more in work each year to be considered for promotion etc... after reading a lot of the queries on here I am thinking that I shouldn't push myself forward to do over and above to get the bonus as I wouldn't be able to keep any of it, is this the case with all Ip's and IVAs... DON'T get me wrong I want to pay back as much as I can to my creditors, it was me who put me here but it seems if I am not able to keep just a little of my bonus it would be so demorilising and demotivating I might as well just put career on hold for next 5 years as I feelit would not be worth me pushing myself to try and get the bonus and help to get promotion if I see no benefit . If I changed jobs and got a higher paid job and it meant my payments increased drastically, could my Iva be finished earlier???? Also this no modifications for 24 months is this standard in all IVA proposals???

sorry for waffling
Thanks

Nicki

[?]

[aguise]

Hi Nicki
I really depends on what is in your proposal, some take all of payrises and bonuses others only 50% as mine does. I know what you mean about losing the incentive to better yourself, but the way to look at it is that at the end of the five years you will be so much better off, and the promotion may not be there for you to go for.
If you do put extra in it does nor finish it any earliewr unless you pay your debts in, it just increases what the creditors get back. As for modifications, again depends on your proposal, I dont think mine says this but a lot do.
With the overtime and bonuses if it is the 50% then at least you get the benefit of it. Also you can offset any increases in expenditure against rises and bonuses.
Hope that helps.

Ang

[MelanieGiles]

I think that you would be mad to put your career on hold for five years if you have the opportunity to progress. OK five years may seem a long time in terms of debt repayment, but there is a much longer time the other side to reap the rewards of your hard work.

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

[n_b]

Hi Ang

Thanks I am just a complete worrier and pessamist

I am sure I'll be fine once I know its all been agreed

Thanks

Nicki [:I]

Hi Nicki
I really depends on what is in your proposal, some take all of payrises and bonuses others only 50% as mine does. I know what you mean about losing the incentive to better yourself, but the way to look at it is that at the end of the five years you will be so much better off, and the promotion may not be there for you to go for.
If you do put extra in it does nor finish it any earliewr unless you pay your debts in, it just increases what the creditors get back. As for modifications, again depends on your proposal, I dont think mine says this but a lot do.
With the overtime and bonuses if it is the 50% then at least you get the benefit of it. Also you can offset any increases in expenditure against rises and bonuses.
Hope that helps.

Ang

[n_b]

Hi Melanie,

I know what your saying makes a whole lot of sense and it will be wonderful to be debt free in five years. its just when you read some of the forum messages panic sets in...as I said to Ang I am a complete worrier , although Julia (from thomascharles is so calming and made me feel so at ease) it is always the what ifs or maybe's but I suppose you can't live like that otherwise I will be ill.

Cheers Melanie , I think our proposal is being sent to yourself??

Nicki x

Thanks[:I]

I think that you would be mad to put your career on hold for five years if you have the opportunity to progress. OK five years may seem a long time in terms of debt repayment, but there is a much longer time the other side to reap the rewards of your hard work.

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

[MelanieGiles]

Then you are coming to an IP who fully understands the efforts that her clients make each month in terms of honouring their IVA payments. I shall look forward to personally speaking to you in due course, Nicki.

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

[n_b]

Me too and thanks for replying so quickly x

Then you are coming to an IP who fully understands the efforts that her clients make each month in terms of honouring their IVA payments. I shall look forward to personally speaking to you in due course, Nicki.

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

[aguise]

Nicki
we all have worried whether we are doing the right thing. I now look to the future without any debt, my iva is going well I pay my extra in when necessary and enjoy the extra bits i get to keep. If you accept early on that you are going to pay as much back as you can, it doesnt hurt and is easier to accept. I look at it that if I didnt have the iva I would be so much worse off and all the worry would be there as well of how to pay things. Now one payment and the rest i have to live on to the best of our ability, and we do manage.
I have always been the pessamist because I always thought if you looked at the worst scenario if it didnt happen then it would be that bit better. I thought the iva would fail that we would have to go bankrupt and none of that happened. I am learning to be positive about things now and not waste my precious time worrying.
You will be fine I am sure.

Angx