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Posted: Wed May 28, 2008 5:40 pm
by john.jk
Please can you tell me what happens if i get a small xmas bonus from my employers ? will the extra money in that pay packet be taken by my iva payment ??
Posted: Wed May 28, 2008 5:42 pm
by indebtforever
anythink over £500 after tax is halved in mine read your report it will tell you in there the clauses
Posted: Wed May 28, 2008 5:43 pm
by kallis3
Hi John,
I think it depends on what your IVA said. If my bonuses are more than 10% of my pay, I keep the first 10% and then 50% of the rest. The other 50% goes to the IVA.
You would need to check your report.
Posted: Wed May 28, 2008 5:45 pm
by kallis3
Sorry, hubbie has just corrected me - if my bonus etc is more than 10% of my normal take home pay, I pay them 50% and keep the other myself
Sorry, old age creeping in there!
Posted: Wed May 28, 2008 6:31 pm
by TheMatrix
It depends on the terms of your IVA, mine stipulates a 50:50 split on overtime, bonuses and windfalls.
Posted: Wed May 28, 2008 7:00 pm
by kallis3
My windfall clause says I can keep the first £500. The rest gets paid into my IVA. It won't pay to win too much on the lottery!
Posted: Wed May 28, 2008 7:04 pm
by cfnc
Is a xmas bonus classed as a windfall, or extra wages?
Kirsty
Posted: Wed May 28, 2008 7:41 pm
by facingittogether
my husband gets a bonus some months!
in our report it says we can keep £500 of a windfall!
will hubbys bonus come under the overtime clause( 50% up and above 10%) or be classed as a windfall?
confused!
barb x
Posted: Wed May 28, 2008 8:06 pm
by TheMatrix
They are all different, hence why they are Individual.
Posted: Wed May 28, 2008 8:09 pm
by facingittogether
think i will have to ask my ip!
i know hubbys overtime is 50 % to be paid over up and above 10% of his basic but not sure how a bonus would be classed!
barb x