I received Bonus/overtime payment of £900 in November last year. I’m in a trust deed with credit fix with just over a year to go of the 4 years it was setup for. They have just completed my annual review and are demanding that I need to pay them the £900 extra payment I earned. Is this correct? I’ve seen online that they can only ask for 50%. Help
The 10% in the 10% 50/50 rule is the amount equivalent to 10% of the regular income, as agreed at last review ... that you keep and then split the rest 50/50. Some clauses do not have the 10% disregard and are merely 50/50 splits of the bonus. Calculated on take home pay, after deductions. A bonus payment is earned income, not a windfall, which seems to be how they want to treat it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk