www.iva.co.uk

My IVA is due to complete in October. I am receiving a bonus from work which will be taxed and paid into my salary. Is this classed as a bonus and should be declared. My company have given misinformation in the past and I want an impartial opinion.

If the bonus is being paid before last payment then yes it should be declared do you have the10 per cent 50/50 Rule if so this should be taken into account. My firm would average over 12 months and then only expect extra payment if over ten per cent but not all companies work the same. Sure the experts will be along to give you some answers.

Hi. You do not have to depend upon the word of your IVA provider, the terms will be clearly set out in your paperwork, to which they are as bound as you.

A bonus from work is payable into the IVA whilst you are making payments. Depending upon your actual terms, it will either be 50% payable over, or you get to keep an amount equal to 10% of your usual monthly salary then split the balance 50 / 50.

In any event it will need to be declared.

We had an pay rise arrears which we were allowed to keep

It does depend on which company you are with and what is written in your paperwork. I have to pay over 50% of any extra income without any exception.

Hi

Key question is when will you receive the bonus in your wages ? if before your final payment then you will have to surrender 50% net into your IVA

Regards

You will need to supply your wage slips for the final review so as Andy says it depends on when the bonus is paid.