First Post - Help with IPA (Bonus payments)

BlueFin

Hi,

Please can someone help me with this, when you are bankrupt, can the OR take bonus payments into consideration or not? I have a job that has an annual salary, however, I do get a monthly bonus based on performance and this varies month to month.

I know the percentages that they take from you in relation to monthly income etc in the IPA from having read the helpful threads on here, but nothing about bonus payments has been mentioned?!

I am currently dealing with Citizens Advice (who are great) and in the process but they don't really know about this.

Any help would be really great!

Thanks very much in advance!!

fiveyearplan

If you get a bonus payment every month then average out your income over the last 3-6 months (whichever is better for you) and that would be the income they use to decide whether or not you get an IPA. If your income drops then you could submit a new SOA and your IPA would get reduced. Fill in this form and post it on here for guidance. When you get to the end there is a button to format for MSE.

http://www.makesenseofcards.com/soacalc.html

JCS1

How much are the bonus payments each month, on average?

CG77

Hi and welcome,

Someone will confirm, but i'd say if it's a monthly bonus, the OR will take an average of your monthly earnings over a period of time (maybe 6 months or so) as the figure for your 'income'.

HTH

CG. x

nervousmother

Yes bonus is taken into consideration. All earned income is.. otherwise BR's would suddenly get £200 basic and £1400 bonus..

CG77

Ooops you beat me to it, FYP!

CG. x

BlueFin

Hi Guys, the issue is I have just started the job and have no idea what the bonus will be, the only certainty is that they will alter drastically every month. I am terrified of the situation arising of a month without bonus and a high IPA!

CG77

Hi again Bluefin,

Try not to worry. Contrary to popular belief, OR's are quite reasonable and if you explain the situation, they will manage it for you so that doesn't happen. What I suspect they will do is wait until you have been in the job 3 months or so and take it from there.

HTH a little and please try not to worry (although as the worry meister myself I know that's easier said than done!) Just keep asking the questions and you'll be fine.

CG. x