Hi good afternoon this is my first post. Finally realised I am on way over my head and need to address my finances. I have a wife and a son in private school. My wife doesn’t work due to mental health troubles.
My question is that I get a bonus annually which is used to pay for our sons private education and was wondering how this is treated when running an income / expenditure.
Unfortunately some of your bonus will have to go to the IVA and I doubt your child will be able to continue with private education.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The bonus will be payable into the IVA in the month it gets paid to you. Roughly half will be yours to keep.
It may be possible to enter into something like a debt management plan to make managed and reduced payments towards the debt from your regular monthly income. This would take longer than an IVA as you will be aiming to repay all of your debt, but it is possible that using the bonus to fund private education could continue. Stepchange would be the people to chat to about this as they manage fee free DMPs and have a close working relationship with the main creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk