Xmas bonus

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mumof3

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Post by mumof3 » Thu Dec 20, 2018 5:45 am
Well this is our first Christmas in an IVA. I know we have to pay over half of any additional over time and bonuses but felt a bit crap handing over so much additional income this month due to a good Christmas bonus. All will be happy though, it was equivalent to 8 months payments.

At least we still have the other half :) merry Christmas everyone!

Lisa Thomas

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Post by Lisa Thomas » Thu Dec 20, 2018 9:20 am
At least you now have an emergency fund for when the car or the boiler breaks down etc. Depending on the amounts involved you could use the monies to put forward a F&F offer to finish your IVA early.
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 » Thu Dec 20, 2018 9:36 am
A bitter pill, but, in the grand scheme of things, worth it in the end. As Lisa suggests, save up a few of those and knock a year or two off the end with a F&F offer.
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

MerlinL14

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Post by MerlinL14 » Thu Dec 20, 2018 1:17 pm
It does 'hurt' a bit, but I always knew that 100% of my bonus was going to pay 'stuff' to try and keep my head above water pre IVA. Getting 50% would have been a god send back then.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

mumof3

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Joined: Thu Nov 30, 2017 2:35 pm

Post by mumof3 » Fri Dec 21, 2018 4:08 pm
Yes it’s nice to actually have some bonus now!! Having three kids it helps a lot. I just can’t believe my first year is nearly over, it’s flown by!

Radish

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Post by Radish » Sun Dec 23, 2018 10:55 am
If overtime and bonuses are 10%ignore then 50/50 - why cant windfalls and PPI pay-outs also be the same as this?

Sorry I am like a broken record with this lol.
IVA complete March 2014 after 6 years.

Foggy

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Post by Foggy » Sun Dec 23, 2018 11:10 am
Radish wrote:
If overtime and bonuses are 10%ignore then 50/50 - why cant windfalls and PPI pay-outs also be the same as this?

Sorry I am like a broken record with this lol.
If windfalls are under £500 you get to keep the lot (although I think it could have been better to have made it the first £500 of any windfall) and some IP's did allow you to keep £500 from PPI and others allowed you to keep the interest (mine kept the lot and I didn't have the 10% allowance on overtime either). But I have no cause for complaint really ---- ended early and had over £30k written off as well as the interest I would of had to pay.
Thing that really annoys me is that, every few years, they revise the Protocol, yet it still remains as confusing and open to interpretation as ever!
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
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