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Post by JamieM » Mon Sep 13, 2010 4:45 pm
I recently worked my first overtime in ages (rarely available) which will be in this months pay, and have just been told we'll get a bonus, also in this months pay (no pay rise until 2012 though).
Given the 10% / 50% rule, how much will I have to pay to the IVA based on these purely hypothetical figures?
Monthly salary £2000
Overtime £100
Bonus £200
So 110% of usual salary is £2200. All this would be £2300. Would I pay 50% of the additional amount, so £150 as 50% of £300, or would I pay 50% of the amount over 110%, so £50 as 50% of £100? I suspect it's the former and will confirm with IVA supervisor, but would be grateful for your thoughts in the meantime.

Michael Peoples

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Post by Michael Peoples » Mon Sep 13, 2010 4:48 pm
50% of the additional income over and above £2200 so £50 would be payable. Double check with your own IP but that would be the norm.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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Post by MelanieGiles » Mon Sep 13, 2010 7:25 pm
Do make sure that your specific proposal carries the provisions you are quoting - not all allow the retention of 10% of basis salary, and even those that did originally may have had these terms modified out at creditors meeting.
Regards, Melanie Giles, Insolvency Practitioner
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