Bonuses

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boblardo
Posts: 4
by boblardo » Sun May 20, 2018 9:55 am
I have been fortunate enough to receive promotions, bonuses and PPI refunds throughout my IVA and have read the various posts on this forum regarding bonuses but have a specific scenario that I wanted to get some clarity on

My IVA is due to finish in November 2017 but I have significant bonus due to me circa £45,000. Under the rules of the IVA I would expect to pay 50% over to the IVA

First question, as this is being paid through the payroll as a bonus I assume its classed as a bonus and not a windfall?

This bonus is due around september, at this point there will be £72000 due inclusive of fees and I will have paid £62000 into the IVA meaning around £10000 remains to be paid.

there will also be 3 payments left of around £650 pm (£1950)

Under the 10/50/50 rule £22500 will be due to the IVA but this takes it over the remaining money owed

2nd question, will i need to pay over the entire 50% due to the IVA if it takes it over the amount owed + fees?
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Foggy
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by Foggy » Sun May 20, 2018 10:17 am
As well as fees, there will probably be statutory interest (8% simple per annum) to be paid until payments stop. Should you hit the sum of original debt, fees and statutory interest payments into the IVA will stop.
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