www.iva.co.uk

Hi guys

I've been trying to get this one answered for a while. I'm in the second year of an iva and Ive been told that I'm due a bonus this year of aound £8000. My proposal states that I am responsible for paying 50% of any additional income I receive. My question is this: once I receive this bonus and hand over 50%, does this money get deducted from my proposal amount or does it go directly to the creditors?

Thanks

Sam

Hi there and welcome to the forum

The bonus money is on top of the other contributions that you will continue to pay into the IVA.

Thanks for the reply Melanie.

Just to be certain, the money will go directly to the creditors?

Cheers

Sam

Yes - they will receive a higher dividend as a result, but if your IP is remunerated on a percentage basis they will also get the benefit of a larger fee.

Thanks Melanie.

Sam