How would bonus payment affect my IVA ?

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Jeanette.mc

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Post by Jeanette.mc » Tue Sep 27, 2016 7:04 pm
I am just about to complete my second year in my IVA. I received a bonus in July of £2,800 before tax and would like to know how this will affect my payments. I have never missed a payment and my yearly assessment is due within 14 days.
 
 

Foggy

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Post by Foggy » Tue Sep 27, 2016 7:16 pm
It will not affect your regular payments. Around half of the bonus will need to be paid over to your IP if not already done. This should have happened in July. The amount will depend upon whether you have the 10% 50/50 clause, or the straight 50/50 clause -- your paperwork will answer that one.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Tue Sep 27, 2016 10:07 pm
Your share of the bonus should have been paid within 14 days of receipt so hopefully you have saved it up. It will not affect your monthly payment so perhaps from now on send your slips monthly to your IP who can then check if anything is due.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

plasticdaft

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Post by plasticdaft » Thu Sep 29, 2016 8:20 pm
Slightly disappointed that 2 years in and the bonus issue was clearly not explained to you from the start.

Often certain aspects of life in an iva seem to be glossed over, inheritance, bonus pay etc.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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