|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
|
Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!
|
| T O P I C R E V I E W |
| indy2005 |
Posted - 01 March 2011 : 18:52:22
Hi,
I am receiving a cash bonus through work and am in an IPA. Last year the RTLU told me they had no interest in the bonus , via an email I still have. As I had this from them last year, I am assuming I don't need to tell them this year. I get so much inconsistent advice, I am sure if I told them this year, they would say they require 50% so am thinking that the advice I got last year still stands. I normally get cash and shares but am only receiving cash this year...so effectively more money, but paying more tax (shares can be sold tax free after a few years).
I will inform them of 3 2-3% payrise, but as inflation is 4% hopefully they wont increase my payment.
Regards
i |
| 15 L A T E S T R E P L I E S (Newest First) |
| indy2005 |
Posted - 04 March 2011 : 19:59:17
Hi,
I dread March / April as I know I have to declare a pay rise, no matter how small and feel as though that pushes me to the top of someones in tray. But I told them I was receiving a bonus, although I didn't know how much...and they didn't even mention it, just said keep making the payments for another few months.
Is it an oversight on their part, probably, but for 2 years on the run I have told them about my bonus and they haven't asked for any. As I declared a 1.5% pay rise and a 2% pay rise, they haven't asked for a revised payment either....I guess because inflation is 4%. Like you I dread having to have to redo my I&E in case I end up worse off, but I have never been asked to.
Anyway....if I go up before a judge, I have the emails to prove I did my part...!
Perhaps they feel bad for selling thousands of assets which came to me post discharge by mistake. Thats one cheque I am looking forward to, money FROM the OR.
Like you I just make my payments on time and keep my nose clean.
I feel I have perhaps "got away with it" but not through any dishonesty on my part. My bonus is much more than £70....which makes me feel quite bad!?
Regards
i |
| xmas baby |
Posted - 04 March 2011 : 13:30:46
Hi Indy,
I had a one off pay increase last year for £70 and I thought I should do the right thing and tell RTLU, thinking they might just let me keep it as it was not regular pay and just a one off small amount. However, they wanted the whole bleeding lot. For the past 2 years my pay has been frozen and like everyone else, my expenditures have increased, especially with petrol and food prices rocketing. However, I haven't submitted a revised I&E form as I dread to think what they might do and I could be even worse off than I currently am. I only have another 14 months of my IPA left so I am keeping a low profile until that finishes. At least they have received on time payments of £241 from me, so they can't really complain.
Can't really advise you on what you should do. Part of me says keep quiet if it is only a small amount, but then my conscious would tell me to let them know. At least you will know one way or the other and have a clear conscience.
xmas baby |
| glafy |
Posted - 03 March 2011 : 07:02:17
Glad you have sorted out tbe Work Bonus with the OR Indy, Enjoy!!
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
| indy2005 |
Posted - 02 March 2011 : 23:02:13
They are looking into it, I am sure it will get resolved, but not quickly. |
| Niobe |
Posted - 02 March 2011 : 22:08:20
I think that is something you need to take up with the OR indy.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
| indy2005 |
Posted - 02 March 2011 : 21:26:58
thanks..just need to get back the assets they took which I received post discharge! |
| Skippy |
Posted - 02 March 2011 : 20:26:42
I'm glad it's worked out well for you Indy.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| indy2005 |
Posted - 02 March 2011 : 20:17:30
Hi,
Rather than stew for months, I bit the bullet and told them that I was receiving a % pay rise and a bonus of which I am unsure of the amount as of yet. The response was that because the pay rise is minimal, IPA payments will remain as they are. The bonus wasn't even mentioned in the reply. The reply didn't say "we want 50%", or "let me know when you find out the amount". The email I sent included the conversation thread of the response I received last year, where it was stated they have no interest in the last bonus.
When I have then asked for confirmation that no further action is required from me concerning this matter, I was simply told to continue making IPA payments until the term ends.
So I did my bit, and did take on the forum advice. Either way, good outcome for me. I have been open and honest and have a paper trail of the discussions.
Regards
i
|
| Skippy |
Posted - 02 March 2011 : 08:52:18
As Debtinfo states you asked whether you should inform the OR and you were advised accordingly. However it seems that you had already made your decision regardless of the advice given.
AVC's aren't an allowable expenditure, so should the OR / RTLU find out you could have problems.
http://www.insolvency.gov.uk/freedomofinformation/technical/technicalmanual/Ch61-72/Chapter61/Part1/Part1.htm
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| indy2005 |
Posted - 01 March 2011 : 23:29:26
Its not a pension payment I am making, its an AC - an additional contribution made by my company into my pension because I chose, for tax relief, to waive my bonus. It was technically never my money, I complete a waiver form before I receive it and they instead..that being the operative word, instead, ...make an additional contribution into my pension. I checked this all last year in principle on the phone to the OR and it was fine.
I would of course rather have cash, but not if I lose 80% of it through tax and IPA.
My case is not being actively managed..I never speak to the RTLU, just the usual annual conundrum about what to do at bonus and pay rise time.
My last experience with the OR was actually to ask why they had seized thousands in assets which I received after discharge, which I still haven't got back.
As far as I am concerned I asked them the bonus situation last year, and they responded - and as I assume they work to procedures and policies and dont just make it up phone call by phone call, I can only assume that the advice I received last year "we have no interest in your bonus" was a general statement and not just because they were in a good mood.
I have an email stating they they have no interest in my bonus, I will assume this is policy. |
| debtinfo |
Posted - 01 March 2011 : 22:59:56
Well actually they can ask for the money to be paid to them instead of placing it into the pension if the pension payment is an unreasonable amount, Whether it falls ito this would depend on how much your normal pension contributions are
Anyway the question was should you inform them and the answer to that is yes you should
quite simple |
| indy2005 |
Posted - 01 March 2011 : 22:23:46
Thy cant force me how to make my life choices....they cant force me to make a decision to accept cash over a pension payment. Its not as if I am saying I cant make my income payments because I have decided to pay more into my pension each month...its a one off payment. Not part of my normal income, an unguaranteed bonus payment.
Just like I can decide to not accept a pay rise, and buy further holidays to give me some child cover in the year...its a life choice and one I make each year. |
| Skippy |
Posted - 01 March 2011 : 21:56:40
But surely it's traceable if you pay the money into your pension??
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| indy2005 |
Posted - 01 March 2011 : 21:28:42
quote:
Originally posted by debtinfo
If you think they will want part of it then you are as much as saying you are deliberatly not telling them to avoid giving it over.
Did the letter lat year say they were not interested in the just the bonus that you told them about last year or did it say that they would not be interested in any future bonus's
I think you know what you need to do
I emailed them last year and informed them of my bonus and the amount in cash, and I was advised that they were not interested in the bonus (that was all they said, not they were not interested in this bonus because of xxx or not bothered about bonuses in general)...and that because my pay rise was below inflation they would keep the IPA payments the same.
I read this as they do not consider a bonus as part of my regular income...which it isnt.
I have a choice to make, put it all in my pension, or take it all in cash. To be honest, if I have to give half away - I will simply pass it all into my pension. I am already giving half to the tax man.
I am waiting for my public flogging on the forum now.
i
|
| Skippy |
Posted - 01 March 2011 : 20:39:32
You really do need to tell them as when you sign the IPA you are agreeing to inform the OR of any change in circumstances.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
 |
|
|
|
|
 |
|
|
|
|
|
