Overtime payment question ?

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Mark_H2

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Post by Mark_H2 » Wed May 29, 2019 7:54 pm
Hi everyone,
I been using and reading lots of posts and found all the information and advice very useful.
I’m currently in 5th year of my IVA with McCambridge Duffy and so far while it’s been tough they have been great.

I have expecting a bonus payment from work (as I have previously received) and wondered if someone could help clarify a point for me.

My IVA states that any payment over my regular monthly income plus 10% should be split 50% to my IVA and I can keep the rest. However, my question is what is meant by the “regular monthly income” ? Does this mean what I earned at the start of my IVA or what I regularly earn now 4 yrs after my IVA started. The IVA is not really clear about this point.

I will ask my IVA provider but wanted to gets some thoughts from the forum first.

Lisa Thomas

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Post by Lisa Thomas » Thu May 30, 2019 8:10 am
I suspect the bonus falls under the 'windfall clause' and may have to be paid over in full.

Ask MD to clarify their stance for you.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Fri May 31, 2019 2:54 pm
A work related bonus is not a windfall, but will fall under the extra income category and, yes, will be dealt with by the 10% 50/50 rule, as you suppose. The 10% is based on the regular monthly base income as assessed on your last review.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
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Mark_H2

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Post by Mark_H2 » Sun Jun 02, 2019 5:57 pm
Fri May 31, 2019 2:54 pmFoggy wrote:
A work related bonus is not a windfall, but will fall under the extra income category and, yes, will be dealt with by the 10% 50/50 rule, as you suppose. The 10% is based on the regular monthly base income as assessed on your last review.

Excellent, thanks
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