Think I'm finally going bankrupt! Gambling ! Can't cope!

in_a_mess_4

tigerfeet2006 wrote: »

If your bonus is more than the £99 a month then you will get to keep from 50% of it. Which isn't too bad.

How guaranteed is the bonus? be truthful about it..

I've only been gettin wages since august, so had 4 wages, but didnt earn bonus or commission for the first 3 as i had to complete probation period first.

It's never guaranteed as it depends on performance, basically i get a performance bonus every month but only managed to hit it once, which i will get paid next month and it will be £100, commision is a percentage of the revenue i fetch on for company so it will literally be different every month, no 2 months will be the same. I can't see me ever getting just a flat basic wage of £1140, the last few month its been £1200, but i have been told that will increase, i'm assuming next month il get between £1500-£1600 thats because i got a quartely bonus and xmas bonus.

I'm predicting i will earn around £1400 a month but i just cant say for def as no 2 months will ever be the same.

So they will take 50% or more of my bonus??? Or will i get to keep 50% or more??

I would love to keep some of it as it will still be a struggle if not but eaither way i will be happy with just the relief.

I have booked my appt with CAB for the 6th January and they will go through forms with me and then book court date.

xx

tigerfeet2006

This is the calculationn table that Phil worked out.



That will give you an idea at what you are looking at. So you will always be left with something extra a month. An IPA will last for 36 months but if you stop getting bonus's then you just inform them and the IPA can be adjusted down or suspended, the suspended months count towards the 36 months. Obviously if your income goes up the IPA will go up as well.

in_a_mess_4

tigerfeet2006 wrote: »

This is the calculationn table that Phil worked out.



That will give you an idea at what you are looking at. So you will always be left with something extra a month. An IPA will last for 36 months but if you stop getting bonus's then you just inform them and the IPA can be adjusted down or suspended, the suspended months count towards the 36 months. Obviously if your income goes up the IPA will go up as well.

Thanks for this. Is the decision for the IPA made on the day of BR or could it be made half way through my BR?

Everytime you get a bonus do you have to inform them?

tigerfeet2006

No it is up to the OR later.

The OR will usually ask for 3 payslips to be sent so they can check over those months what you are recieving, they will then average this out and that is what you have to pay. During this time any extra money you get is yours to keep, so it will be a good idea to save this as a safety net just incase. When you start paying the IPA if it varies wildly from the average then let them know.

in_a_mess_4

tigerfeet2006 wrote: »

No it is up to the OR later.

The OR will usually ask for 3 payslips to be sent so they can check over those months what you are recieving, they will then average this out and that is what you have to pay. During this time any extra money you get is yours to keep, so it will be a good idea to save this as a safety net just incase. When you start paying the IPA if it varies wildly from the average then let them know.

ok thanks. do they ask for payslips every 3 months then? theres so much to ask and find out, keep getting questions pop into my head x

tigerfeet2006

It will depend on the OR as to what they want you to do. When you go BR you sign a legal undertaking to inform them of any change of circumstances with in 21 days so most OR's go by this.

markbass

Look, inamess, like the nike advert says..."just do it" be strong, be honest with yourself and just go through the motions!! I will say though, your going to have to make a few cutbacks from time to time, ie: going out every week and new clothes!! aslong as you can get by, thats the main thing!! Good luck and i really mean that!!