Bonuses and none Guaranteed income

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Andy C

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Post by Andy C » Tue Aug 17, 2010 9:33 am
Are there any bonuses which are none declarable to the IP if not guaranteed?

i.e. Basic salary reduced but made up by a company performance/ profit related bounus? or an attendance bonus??

If this is not guaranteed can you just advise the basic salary?
You should never wish your life away but I hope the next 5 years fly by :0)

Andy C

Tina Shortland

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Post by Tina Shortland » Tue Aug 17, 2010 11:07 am
Hi Andy - it is best to declare everything to your IP and let them aqdvise you on what is to be included and not.

If your bonus is not guaranteed then your income should only be based on your basic but it is important for you to know the rule about receiving bonuses and what the creditors will expect. If your IP knows you recevie an adhoc bonus then they can advise you about this.

Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

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Post by MelanieGiles » Tue Aug 17, 2010 9:33 pm
If your salary is reduced but topped up by a bonus, you would only need to pay a percentage of the difference over to creditors.
Regards, Melanie Giles, Insolvency Practitioner
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