www.iva.co.uk

if i get a bonus at work do i have to pay it all to my iva

Hi and welcome.

It all depends on what your iva says. Some people have to pay across the first 10% over their normal pick up and then split the remainder 50/50. Others have a straight split.

Check what your paperwork says.

If you are already in an IVA,check your paperwork for specifics on overtime and bonus pay. If you are just thinking about an IVA make it one of the questions you ask any company you choose to propose an IVA for you.

Paul

Hi Nicola - ours states we keep the first 10% then split the remainder 50 to us and 50 to the IVA. Had to do it on our 1st month - typical!!

You keep 10% above your salary or average monthly income, not 10% of the bonus.

Some people do have a straight 50/50 clause.

As Jan says - not every proposal is the same so you do need to check yours.

If in doubt speak with your IP for clarification - I am sure you will be able to retain some of it, which is afterall a bonus in itself !

You do need to check your paperwork Nicola - it should tell you on there.

Hi Nicola

I am just in the process of entering an IVA - my company have advised that you get to keep the first 10% of any bonus/overtime and the rest is split 50/50. So it's win/win situation I think.

Hope this helps.

You will really need to check with your IP. Mine is 50/50 split without the 10% clause. It will all depend on the accepted proposal.

There can be a variety of differing clauses in IVA proposals about how additional income can be treated - so please do check your own proposals rather than be relying on the well meant comments on the forum. We cannot possibly advise you on something of which we have no knowledge.