[:)]hello, this my first time posting but been in IVA since March this year - the company i work for is to be merging with another to create a new company as of November so we have been given the option of selling our remaining holiday entitlement that we are unlikely to use back to the company and take it as cash - i was just wondering whether this would count as a bonus etc and therefore need to be paid to my iva or would i be able to keep it - want to pay as much off to my iva but on the other hand could do with the extra cash altho it wouldn't be that much by time its taxed and NI
I doubt this is specifically dealt with in your proposal and could be seen as a windfall, however I think a more sensible approach would that it would be treated as a bonus so that both you and the Arrangement benefits splitting the payment 50:50.
Best to confirm this with your IP so that you can decide what to do that best suits you.
Kind regards,
Kind regards,
Angela Rosler
Insolvency Manager
Helping people with their debt problems for nearly 10 years.
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As on a previous post I would discuss this with the IP before you make a decision. If you justify it to be a windfall and it is under £500 you could potentially keep it all. Giving up your holiday is punishment enough and I am sure your IP can reach a compromise that is acceptable to all.
