That's something to look forward to then!! Got my performance bonus being paid at the end of July so got to work out what needs to be paid over - 1 month in and I already have to do maths!![V]
Hi Kazzafunk,
If you have the keep 10% then give 50% then it's quite reasonable. When I had a large outlay and owed an uplift, my IP was kind and let me delay it until the following month.
Life is mucher better now, I hope you're feeling the same relief.
Nick
1st call 3rd Nov 2010.
Creditors meeting 21st Feb 2011.
IVA approved 22nd Feb 2011.
Will all be over 21st Feb 2016.
Oh I am - don't get me wrong! I am so happy now it makes me realise what a miserable cow I have been for ages. Just looked at my proposal again and it is very lenient isn't it? I had it in my head it was 10% of the bonus not 10% of my normal take home pay. Result!! Especially as my niece and nephw are down here with us for a week around payday.
If your bonus is an annual bonus and not a monthly bonus it may even be more favourable. It may be worth speaking to your IP.
It's quite nice knowing exactly where I'm up to each month and just using cash and debit cards. The only downside is that payday seems to come around very slowly these days...
1st call 3rd Nov 2010.
Creditors meeting 21st Feb 2011.
IVA approved 22nd Feb 2011.
Will all be over 21st Feb 2016.
I'll give them a call when I see my payslip on-line in a couple of weeks. It's funny, I read the proposal several times before the creditors meeting, but think I just concentrated on the bits to get it accepted. Reading it again now is very informative. I forgot that only 50% of wage increases go over as well. Seems to get better and better. Not that I get pay increases but I can live in hope being a lowly civil servant!
Me too and they are trying to screw our pension up now.
Another good thing I remember from the initial discussions is that if you get a payrise in September and your review is not until March then you should be able to keep any increase if it's within your 10% tolerance. During your review the new income figure forms part of your new I/E calc but it could mean a small amount of breathing space for a few months. That's what I'm hoping for.
1st call 3rd Nov 2010.
Creditors meeting 21st Feb 2011.
IVA approved 22nd Feb 2011.
Will all be over 21st Feb 2016.
That is good. Hubby gets a payrise normally (just a couple of quid per months but better than us eh!!)
I am 50 before the 2015 changes and think I will be looking to leave and take a reduced pension by then. Hopefully with enough of a lump sum to finish the IVA.
Well, that's something positive to look forward to.
When I learn something new (good or bad) I'll post it on here for others to note.
Good luck with summer.
Nick
1st call 3rd Nov 2010.
Creditors meeting 21st Feb 2011.
IVA approved 22nd Feb 2011.
Will all be over 21st Feb 2016.
zzalsnp,
An annual bonus is not more favourable to me, I get paid one in Feb but the 10%, is only 10%of a normal MONTHLY take home pay, so I end up paying a lot more across than if it was divided up into 12 and paid monthly as I would then get the 10% each month and I wouldn't have to pay anything across as it is only a 5% bonus.
Do you have different conditions for a yearly bonus?
I know a few of us are not amused by this as it seems unfair just because it is paid in a lump sum yearly
If life is what you make it, I must have been in a strange mood when I made mine
Pandy,
I think ANY extra earnings over and above your basic salary are subject to the 10/50/50 rule on a MONTHLY basis, whether they are overtime or big one off bonus payments.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
It's all down to what it says in your individual proposal as to the breakdown for bonuses and overtime.
As to retirement - I will be 60 at the end of 2013, I've been working for the past 40 years now and sincerely hope I can go on my final salary pension then. Not holding my breath though!
I doubt you could get a bonus paid in high street vouchers - I've never heard of that happening.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
In my last job before becoming a teacher we could choose between bonus in our wage or a high street voucher. I'm sure it was some kind of tax fiddle (for them and me). They can be spent in almost all the big shops in the Trafford Centre or the town centre.
My wife works for a council and if they don't have a day off they get a £50 HS voucher. Unfortunately with an 8 year old and a 2 year old she's not had one for a few years.
I only have to wait 30 years for my pension but I doubt it will be anything like it is now.
Nick
1st call 3rd Nov 2010.
Creditors meeting 21st Feb 2011.
IVA approved 22nd Feb 2011.
Will all be over 21st Feb 2016.
