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bridgey
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by bridgey » Sat Sep 30, 2017 9:20 pm
Month 54 is January 2018.

I may get a bonus from work and am wondering whether this could be used as an F&F sum?

We will likely have to do another 1w2 months in lieu of remortgage, so what would likely be accepted do we think?

Currently paying circa 250/mth

Would £3K swing it?
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luluj
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by luluj » Sat Sep 30, 2017 11:59 pm
A bonus from work is possibly going to be taken towards your original debt and providing a higher return - you need to check your chairmans report for specific wording around bonuses.

However there is nothing stopping you from offering it as a F&F to creditors and seeing their response.
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bridgey
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by bridgey » Sun Oct 01, 2017 6:22 am
luluj wrote:
A bonus from work is possibly going to be taken towards your original debt and providing a higher return - you need to check your chairmans report for specific wording around bonuses.

However there is nothing stopping you from offering it as a F&F to creditors and seeing their response.


Yeah, was thinking that 50% would be taken and we get to keep 50%... was thinking that ‘our’ 50% could be used as F&F ?
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Foggy
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by Foggy » Sun Oct 01, 2017 8:15 am
18 months left ( with equity) would get the creditors £4500, so, normally, I would caution that £3k might be a little light. But, if you factor in that they are getting a lump extra from their share of the bonus, which has got to be worth some brownie points, you might pull it off. Definitely worth a chat with your IP to see if it has legs.
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Radish
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by Radish » Sun Oct 01, 2017 9:28 am
Don't overtime and bonuses come into the 10/50/50 category? You ignore the first 10% and split the rest with the creditors?
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Foggy
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by Foggy » Sun Oct 01, 2017 9:42 am
Radish wrote:
Don't overtime and bonuses come into the 10/50/50 category? You ignore the first 10% and split the rest with the creditors?



Yes, if that is the clause you have, some have a straight 50/50 split with no 10% disregard. If you have the 10% disregard, it is the equivalent of 10% of your usual base line salary you ignore and keep, not 10% of the bonus / overtime.
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