IPA and Bonus

tonymcp86

Thanks. 

Really need to look through the living expenses sheet in January as the increase is close to £1000 extra per month, so could do with trying to retain some of that for the extra work I’m having to put in with a new role etc

Minkym00

You may be better off seeing if you can get a third party to pay off the balance of your IPA payments on your behalf. You could then keep the increased income when you get a pay rise as your IPA would be finished (and use that additional income to pay back the 3rd party).

tonymcp86

Minkym00 said:

You may be better off seeing if you can get a third party to pay off the balance of your IPA payments on your behalf. You could then keep the increased income when you get a pay rise as your IPA would be finished (and use that additional income to pay back the 3rd party).

I didn’t think the IPA could be settled early?? As they’d have a claim on anything in that 3 years if it went positively upwards (of course they’d get nothing if it went drastically the other way)
who would I speak to about that, the OR to ask for the total amount?

bradders1983

Yes it can be settled early but dont just do it, the OR needs to agree. Also you need to give no indication whatsoever you are doing this because you know your salary is going up. Just claim your dad wants to help, or something.

The settlement figure will likely be X multipled by Y, where X is your monthly payment figure and Y is the number of months remaining.

tonymcp86

OR office came back in double quick time and said they wouldn’t consider it until 24 months have passed. So that’s August 2021- damn it!
might have to adopt a dog for a while 🤔