www.iva.co.uk

Posted: **Sun Jul 22, 2007 10:58 am**

I have just been told that I may get a one off bonus at Xmas. Do I have to give any of it to the company? It is about £1000. This is not every year and it is not the norm.

Posted: **Sun Jul 22, 2007 11:40 am**

It is considered as a windfall as I understand normally all windfalls above a certain figure wiil have to be handed in full.

Unless tour original proposal excludesit.

hara

Posted: **Sun Jul 22, 2007 1:49 pm**

It depends on the terms of your IVA. I had a bonus last Christmas and was asked for 50% of it. You will need to clarify with your IP.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Posted: **Sun Jul 22, 2007 6:10 pm**

All it says is 50% of overtime?? Thanks guys. Anybody else can clarify?

Posted: **Sun Jul 22, 2007 6:22 pm**

Over time and bonus are differently treated,You better clarify with you IP to make sure.

hara.

Posted: **Sun Jul 22, 2007 6:37 pm**

Then it is a windfall, and you will probably have to hand over all of your bonus (net of tax).

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Sun Jul 22, 2007 7:09 pm**

AS I understand Melanie is correct.I would not spend any of it until it is clarified with IP.

hara.

Posted: **Sun Jul 22, 2007 7:10 pm**

Markiboy
You need to fight this one and have this treated the same as an overtime payment,i:e 50% to you and 50% to the IVA
I really do not see how a bonus can be classed as a windfall,a bonus has to be earned.This is an area that myself and Melanie do not agree on.
Regards
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: **Sun Jul 22, 2007 7:48 pm**

That is a new twist.

hara

Posted: **Mon Jul 23, 2007 4:47 pm**

Thanks once again I will contact my IP. Could you also tell me if I give 50% of any extra earnings, overtime etc, would my IVA finsh early, ie is taken from the total or it's just swallowed up?
markiboy

Posted: **Mon Jul 23, 2007 4:51 pm**

Hi again
Unless you are offering a 100p dividend any extra money will just be "swallowed" up and will give your creditors a higher dvidend than the one originally proposed.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: **Mon Jul 23, 2007 7:47 pm**

My proposal states 50% of overtime and other additional income associated with employment ( assuming this means bonuses)

Posted: **Mon Jul 23, 2007 7:52 pm**

I would think so louise mine says 50% of any rises in basic income, I would say that would include bonuses as anything from your employment is your basic income, overtime wtc.

Ang

Posted: **Mon Jul 23, 2007 8:21 pm**

Thanks again. I bet they would take the shirt from your back.