Can I Avoid paying %bonus into my IVA

andy5guns

Hi guys
I'm in my last 6 months of my 5year IVA. I know I have to declare bonuses , i have heard I can avoid this by having the bonus paid into investment saving accounts or pensions is this true?
I will be receiving a % of my Annual income within a months pay. I have an option to put this into the companies bonus saver scheme.

cheesedoffwithdebt

I suppose you could try and hide the bonus by having it paid into another account...... sorry that wasn't a serious comment!!

It doesn't matter where the money is paid, your agreement is to declare and settle proportions of additional salary into the IVA-I appreciate its grim when your IVA is almost over but whilst you are in the IVA you are under the rules of the agreement.

UpToMyNeckInIt

Hi Andy,

the above advice is spot-on.

However, is there any way you could have your bonus payment deferred? If so, you might be able to get your mits on it next Year (after you get your completion cert).

Anondebtadvisor

Even though you are in your last 6months, your IP can still request payslips and P60 and your bonus will show on them even if you get it paid into another account.

Why would you want to risk breaching your IVA when it is nearly complete??? Dont risk it you have come so far!

andy5guns

I'm going to put it into the companies bonus saver which I will keep there for I believe 5 years. Some years they haven't took anything but last year they took quite a percentage of it on top of the tax my bonus was rubbish.