small bonus payments........

[marie]

Hi All........
I will have two small bonus payments in my pay.One in july £100 , and one in November £150 ,will i have to put 50% of these into my iva payments ??
All though i'm just in the process of sorting out my iva (proposals signed )i'd just like to know ......

Marie

[keh]

Hi Marie,

Not being an expert about this only give you my opinion on what to do....

i would ask your IP on what is the best

personally though i would put the £100 into the iva and use the £150 for christmas as you need the money more at that time of the year.

Anyone out there who agree with me?

Keith


The long and winding road will straighten out eventually....keep the faith

[MelanieGiles]

Hi Marie

As one of the forum experts, I would refer you to your IVA proposal and Chairman's report to see if you are required to pay over 50% of the bonuses. This is a very common creditor modification, so I feel that it is likely that you might have to pay something over, but do check the documents or speak to your IP directly.

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]

As Melanie says I have to put 50% of any extra income, but will depend on what is in your proposal it should say.

Ang