My IVA is due to complete in October. I am receiving a bonus from work which will be taxed and paid into my salary. Is this classed as a bonus and should be declared. My company have given misinformation in the past and I want an impartial opinion.
If the bonus is being paid before last payment then yes it should be declared do you have the10 per cent 50/50 Rule if so this should be taken into account. My firm would average over 12 months and then only expect extra payment if over ten per cent but not all companies work the same. Sure the experts will be along to give you some answers.
Hi. You do not have to depend upon the word of your IVA provider, the terms will be clearly set out in your paperwork, to which they are as bound as you.
A bonus from work is payable into the IVA whilst you are making payments. Depending upon your actual terms, it will either be 50% payable over, or you get to keep an amount equal to 10% of your usual monthly salary then split the balance 50 / 50.
In any event it will need to be declared.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
