Hi. The bonus payments will need to be dealt with as they are paid, according to the terms of your IVA.
Terms do vary, but generally you will be allowed to keep at least 50%, in some cases the amount equivalent to 10% of usual salary is also allowed to be kept.
Have a look at the paperwork, the answer should be in there.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I get an annual bonus - not guaranteed - and in the month I receive it I deduct 10% to keep and then split the rest 50/50 and send half to the IVA As per my agreement.
Last edited by MikeyM on Fri Apr 04, 2014 8:13 pm, edited 1 time in total.
Always a good idea to ask your IP how they want this handled specifically to your case (it depends on your proposal, any modifications and your IPs interpretation of the terms to an extent)
As Foggy said MikeyM The 10% is not 10% of the bonus, but 10% of your normal monthly income.
Hit those if us that get an annual bonus harder, If I had mine paid monthly I would be under the 10% and could keep it all because it is paid yearly I pay £100's across.
Last edited by Pandy on Sat Apr 05, 2014 4:53 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
