Hi I get an annual bonus.do I pay all of it into my iva or do I get to keep some of it? Also will they take the bonus figure or the figure I recieve after tax and national insurance as it will be subject to both of these?
You might have a 10% 50/50 clause, or, like mine, a straight 50 / 50 clause -- you will need to check your paperwork.
If 10% 50/50, you get to keep an amount equivalent to 10% of your agreed monthly take home pay, then you split the rest 50 / 50 with the IVA.
So -- if you normally take home £1300 per month you keep £130 of the bonus and split the rest half and half with the IVA.
If you havce a straight 50 / 50 clause then you simply pay in half the bonus.
You work these figures on the actual amount that hits your pocket, after tax and NIC etc.
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