Hello my work place is thinking of introducing a time keeping bonus of roughly 500 to be paid twice a year in summer and at Christmas will I have to pay this all into my iva or do I get to keep a percentage
I wouldn't even raise it until it happens and then worry about it then.
However you should be able to keep at least 50% of it.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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I would assume this is treated under the 10% 50/50 rule. You keep everything that does not increase your net take home pay by more than 10% and split the rest with your creditors.
There seems to be a bit of confusion at times as to overtime. Some people seem to think you keep 10% of it and split the rest but this is not usually the case. You keep 10% of your listed monthly income and divide the rest. Therefore a higher earner keeps more of their overtime than a lower earner.
