I started an IVA in December, and all has been great so far.
I curreny receive a quarterly bonus at work (so far have received 2 bonuses), when I have called through to the IVA company to inform them they have said that I don't have to pay an extra just now, they will work out any extra payments during my yearly review and If I have earned more than 10% of my annual salary I will then need to make a payment of 50% of the amount over the 10%.
They also informed me that if this could not be paid, then they could spread out the amount across the next year, although I put this extra amount into a savings account so I could pay this off straight away when asked.
Does this seem normal as looking at this site and see people having to pay straight away?
Usually extra income is supposed to be dealt with as it arises and this would be written into your agreement. Your firm is just trying to economise by dealing with it in a lump. As long as you have this in writing, there should be no issue with anyone claiming you have not complied.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
