sorry am back again

tatty1985 · 4 December 2018 at 11:18AM

Hi All,

I was hoping I would be able to set up and start my IVA at the end of Jan in order to save my overtime and bonus to sort a few things out in the house this month and although the person organising it said this will be ok it has now come back that I have to pay by the 14th Jan,

I know this is probably wrong but i'll ask anyway and see if you can help.

I get a bonus every year for xmas and the boyfriend works his butt off for over time leading up to xmas.

my IVA meeting is the 17th December, If I make a payment on the 14th Jan can I class that as the Jan payment and start my IVA from there and then keep my wages from December? (I usually get paid around the 20th 21st each month, but thinking if I pay the 14th Jan and 14th every month after I can avoid having to give them my bonus this year)

I really need a new carpet the one in the house is over 7 years old and is just disintegrating and I really could do with a new one. (the baby is crawling and walking everywhere and it is just not right)

So yeah I want to keep my bonus they can have next years and the years after but if I could have this years to get a few house bits done.

Sorry for the ramble any advice appreciated even if its to tell me I am wrong

just to add if you think I should just shut up and pay half my bonus over, I will appreciate it you saying that haha

DorisTrousers · 4 December 2018 at 3:05PM

For me, the payment due on the 14th Jan will be based upon your normal, proven income. It will not take account of any December wages.

You would normally get up to 30 days after approval to make your first payment, which seems to tally, so just make your payment as normal and the bonus/overtime need not be mentioned at all. As you say, it will be something to declare next year, but that can take care of itself then.

tatty1985 · 4 December 2018 at 3:15PM

Thanks

I am happy to pay my creditors and obviously if I have to pay the bonus I will but just seems unfair to hand over so much on my first payment, I get a grand bonus and fella gets 500 and then he has done over time totalling another 500ish so it will help us put aside a little nest egg and sort a few bits round the house as well.

hope what you say is true should I not mention anything then and just class the first payment as my jan payment and never speak of the December wage till next year,

DorisTrousers · 4 December 2018 at 3:20PM

I wouldn't mention it, the proposal has been sent as it is and if creditors accept it as it is then they are fine with it as well.

If that doesn't sit right with you then you can mention it, and it would come under the 10% buffer then 50/50 rule.

PrettyKittyKat · 5 December 2018 at 9:19PM

You need to ask your IVA company whether your income review will begin from December or January. If they say December then you will need to pay in any additional monies accrued from your December pay. If they say January then no money is required to be introduced.

Mermaid89 · 19 December 2018 at 3:46PM

It'll cause more of an issue at your annual review. There will be an additional income review and this could either start from Dec 18 to Nov 19 OR Jan 19 to Dec 19. If the review starts from December then any overtime/bonus will be taken into consideration and additional funds may be due.

sorry am back again

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free