www.iva.co.uk

I get part of my bonus paid every week where as the rest is paid (if agreed) every 4 weeks. Say I work 40 hours per week for 4 weeks I would get paid £x amount for 160 hours. To work out how much extra to pay the IP company how would I work it out based on me keeping the first 10% the splitting the rest 50/50?

A - 4 weekly bonus is paid at £1 per hour worked over 4 weeks based on 40 hour week = £160. Weekly take home is £500. The bonus is paid in week four making take home for that week £660. I keep first 10% which is £50 and then split remaining 50/50 so pay IP £55.

Or

B - As above but as the bonus paid is earnt over 4 weeks, £160/4= £40 per week which is less than 10% take home so nothing paid to IP.

Which option is correct? This isn't the exact figures for my pay just an example to make it easy to work out. Hope it all makes sense. Also, I haven't ot my IVA yet.

Ben

The calculations are done on a monthly basis - so your option B is most likely - but will need to be reworked over a monthly rather than fdour weekly basis.

Thanks Melanie. All the paper work you require will be in the post for you over the next few days. My partner hasn't got her recent card statements so will send these when they arrive if that is ok? Also, will you be able to return my payslips that I send to you as I will need them for my tax return in April? Thanks, Ben

You can send me copies rather than the originals if you prefer Ben.