Bonus

[cantwaitforthistobeover]

I am a bit worried as I had a bonus in Jan £1000 and intended to keep 50% as payment to creditors but I ended up spending it. I have my annual review next week and am worried when the subject comes up. How will I be able to pay it? It was about £800 after tax so I will owe £400 I think. I am sooooooooo worried.

[animaleyes76]

Just let your IP know asap.

If you have a review coming up then can do it then.

You should be able to pay it over a few months etc if it's due, (depending on the words in your proposal)

[artemischild]

Well this has 2 angles really i guess, firstly as you know as part of your IVA its a 50/50 split on any extras etc! however dependant on your company your with you may only be asked for the last 3 months of bank statements (March-early june) so it might not be noticed!

Hope this helps
Arty
)O(

[cantwaitforthistobeover]

They are asking for Jan - March's payslips so they will notice the bonud payment then. I should have paid 50% straightaway. It's my fault.

[666]

I'm sure there was a valid/urgent reason you ended up spending it so you will probably just get a bit of a telling off and the 800 will be added into your repayment in some shape or form.
You should send it over within 14 days is my understanding but I sent the 50% share of a recent bonus off straight away - if you don't have have it you cant spend it!

[artemischild]

They are asking for Jan - March's payslips so they will notice the bonud payment then. I should have paid 50% straightaway. It's my fault.

Ok, well i guess it a case of just being honest with them and seeing what arrangement you can come to, im sure it'll all be fine in the end, we all make a boo boo at times with the IVA, i made a HUGE one a while back but things were quickly sorted and i was back on track!

Try not to worry too much but contact them at your earliest convience and let them know!

hope it gets sorted soon
Arty
)O(

[Michael Peoples]

You will need to disclose this to your IP immediately as it is potentially a breach and a meeting of creditors may need to be called. If you needed the money for something urgent creditors may agree for it to be brought in later but you must inform your IP as they will notice on the wage slips or P60.

[Shining]

Honesty within an IVA allows for the smooth running of the IVA. Be up front and tell them what's happened and hopefully a way forward can be found to solve this. Hope it works out ok for you. x

[cantwaitforthistobeover]

I'm so worried now!!! my documents don't state it has to be disclosed within 14 days so I'm hoping I'll be ok. When I rang my IP in Jan I'm sure they said it would be better to pay half straight away or it could be sorted at a later stage.

[kallis3]

I agree that you should be honest. Most IP's now ask for payslips quarterly, so any extra is bound to show up.

[Michael Peoples]

You may be okay if there is nothing in the proposal or modifications but you will have to let your IP know.

[31101932]

I have always paid 50% (slightly less actually) of my bonus over immediately.

As has been said, if you don't have it you can't spend it.

[kallis3]

I never get thing like that, but I would always pay across any extra money straight away so the temptation isn't there.

I'm sure you will get it sorted.