www.iva.co.uk

Bonus/Windfall Question

Hi guys,

I''ve been trying to find an answer to this question for a while. I am in the second year of an iva and am quite possibly due a bonus this year of around £8000. My proposal states that I am responsible to pay 50% of any additional income I receive. My question is this: If I was to receive this bonus and hand over 50% would this amount be deucted from the total amount stated in my proposal or would it go directly to the creditors?

Thanks

Sam

Hi, i would check the exact wording in your proposal with regards to bonuses. It may well be classed as a windfall and ALL need to be paid into your IVA.
If you are still unclear after reading the proposal then i would ring your IP and discuss this direct. He/she has the full details of your case and will be able to give a deffinite answer.

Hope that helps.

Wasn't this post posted earlier? I am sure I answered it earlier on this evening?

Yes Melanie, I posted this twice by mistake!!

Thanks for the advice Mrs Skint, would a bonus be classed as a windfall? My iva is through cleardebt, for some reason bonuses are not mentioned. What is mentioned is to declare 50% of any additional income earned and windfalls.

Think I'll ring my IP.....

Cheers

Sam

As David Mond, who I assume is your Supervisor, is a regular contributor to the forum - it is probably better to leave that one to him to answer. David is in the US presently I believe, and generally comes onto the forum in the small hours - but he is bound to respond.

Think I'll leave it to David then if he sees this post. Thanks Melanie.

Let me check your Proposal endorphin - please email me your details so that I know your name and then i'll get back to you shortly. You can get my email address from clicking on my Avatar.

Thanks for emailing to me endorphin and glad was able to help with your query.