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!
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