www.iva.co.uk

Hi all,

I'm with Freeman Jones (approaching 2years) and have a few questions that need answering. I have a income review every 6 months and this is not working in my favour. I get paid bonuses which were included in my annual income. Before any additional monies are paid I can earn £25,000 (£2083/month). Here's and example of how it works with me and I don't think it's right.

1st 6 months average £1700 across those months - way below the £2083 threshold.
2nd 6 months I earn average £2400 due to bonuses so over the £2083.

On average over the 12 months I'm within my allowed income but Freeman Jones make me pay back 50% of my earnings for the 2nd 6 months!!

Surely this isn't right??

Can someone help please?

Hi garymitch,

The way additional money is calculated forms part of the terms of your IVA proposal.

We do look at your average earnings over a 6 month period allowing for those high and low pay months.

I don't know your case so I can't make any promises about what we can or can't do but I'm happy to take a look at your case and see if we can help.

Please drop me an email to info@FreemanJones.co.uk with your reference and we'll get in touch.

I hope this helps.

Sarah

Hi Garymitch

My understanding (not necessarily right) is that a one off bonus is calculated over 12 months, any other is treated on a monthly basis and 10/50/50 rule applies as it is treated the same as overtime.

Hopefully somebody who knows exactly will answer your post, alternatively try emailing Sarah Jolly direct she is very good and will get somebody to contact you. Have you had this info from you IP or the support staff?

obviously Sarah was typing her reply the same time as me.

Thank you for your post welshwiz.

Sarah