Hi just a thought and I wondered if the agreement on these is the same overall or if it is based on individuals? If you get a standard 3% payrise at Xmas do you pay the full amount into the IVA? What if you had a decent payrise of say £2000? Just a question really as we would hope to be getting something this year (although we didn't last Dec). . Also my company sometimes but rarely does a bonus rather than a payrise if this was say £300 or even £2000 would you have to give it all to the IVA?
Payrises are generally dealt with at the annual review point, given that it is fair to conduct a review of your expenditure at the same time. Bonus are dealt with under the 10%/50% ruling, which means that you can earn up to 10% of your basic salary in a month before having to pay over any additional payments to the IVA, with 50% of any additional money earned above that benchmark being paid into the IVA.
Thank you Melanie. Our payrises are generally in January; if I hsd a payrise then but review was not until say the following September do we still wait for the review or contact IP as it seems a long time to keep the extra money? Just to understand the bonuses as well; is the 10% ruling based on monthly basic salary i.e if monthly net pay is £1100 you can bring home up to £110 extra a month and not pay it into the IVA?
On the same principle if you have a bonus of say £500 after tax you would keep the first 10% (£50) plus 50% of what is left (£225)therefore keeping £275? or do you keep 10% of basic salary so £110 plus 50% of remainder £195 keeing a total of £305?
Thanks again Melanie. I understand if the payrise is more than inflation it may be treated differently.
On a different note we spoke last week about MBNA/Arrow Global issuing my husband a CCJ and the paperwork has been sent to your office etc; we have today received notification that the proceedings have been moved from Northampton court to Bradford County Court for enforcement and I am just wondering if we are still okay to just carry on as we are or if we need to do an interim order through yourself to stop any more action? I am sorry; I am just worried as I am panicking that bailiffs will turn up etc. I have wrote to the solicitors explaining about IVA and I believe Tamsyn has too. I spoke with Tamsyn today and she is hoping to pass our case to the proposal team by the end of next week as she will have all the information she needs from us by Monday. She is unaware of the court change I will inform her tomorrow and send the paperwork in too.
Thanks again for everything.