In our iva it states that bonus or overtime is only paid to the iva if it is over 10 percent of my hubby's take home salary. Then they take 50 percent of the remainder. This is a standard clause I believe. My question is if my hubby were to have a bonus but is only paid once a year say December, would the 10 percent be for his monthly salary or annual salary.
Eg if he received a £500 bonus and got paid £1500 per month can he keep all of this since 10 percent of his annual salary would be £1800 or would it be based on monthly so he could only have £150 and have to split the remainder?
Last edited by In_deep on Thu Jul 03, 2014 6:07 pm, edited 1 time in total.
Reviving this old thread. If there was possibility a chance of a £1500 bonus but it was paid as a lump sum in December, do we have to give it all to the IVA?
Working on the figures in the original post i.e normal salary is £1500 per month, you would be allowed to keep £150 as the 10% disregard (assuming this IS written into your arrangement -- not all have the 10% disregard), then the remaining £1350 would be split 50 / 50 ---- so from the total bonus of £1500, you keep £825 and pay £675 into the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
