Hello all out there...can you help ? had a one off bonus

[maxieboy]

Hello all out there...can you help ? had a one off bonus in wage.so chairmans report says i can keep 10- then 50/50 %...the money I hand over,does tis come off out standing debt total???? or where else does it go?...many thanks and hope your all having a good Sunday.

[dunkynuts]

It will go off your total debt pre IVA,not your agreed payback within the IVA,as it is seen as a extra

[Shining]

Hi there and well done on receiving a bonus.

It will increase the dividend to the creditors. The full amount of debt will be owed until completion.

[footiemad]

Hi Maxieboy. The extra payments you make for bonus/overtime mean that your Creditor's receive a better dividend. It does not reduce the amount of monthly payments that you make. Of course, if you manage to pay 100% of the original debt, plus the IP fees, then your IVA would conclude. x

[Broke of London]

Hi! It will improve the dividend creditors receive.

[plasticdaft]

Well done for getting a bonus!!!

Paul

[Michael Peoples]

You do not keep 10% of the bonus and split the rest 50/50. You keep anything that does not increase your normal net take home pay by more than 10% and divide the rest.

[oscar]

Hi Maxieboy check the exact wording of your agreed proposal. We had to give 50% of the total extra net amount over and above our usual income but it depends what your proposal actually says. Just drop a line to your IP and a copy of your net bonus amount/payslip and get their advice sooner rather than later so you can hopefully know you have some extra cash! I hope you have and that you can enjoy it.
Oscar
x

[Niobe]

Agree with Michael - if it's not more than 10% then you don't hand anything over at all.