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Tifosi1
Junior Member
208 Posts |
 Posted - 30 January 2009 : 21:06:42
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Hello Everyone
As some of you may know i went bankrupt last October and this forum and the sister site IVA helped me through the whole period greatly.
I had my interview with the OR after my bankruptcy hearing and my monthly payments weren set at £ 425 per month, for 3 years - the first payment was earlier this month.
My question now is regarding a Christmas bonus that i received in my December pay slip. It was £ 225 before any deductions (i am on a Nil tax code until April as part of the bankruptcy but still pay NI) so i would have received the net amount of £ 200 after NI deduction.
I sent my pay slip to the solicitors dealing with my payments, to inform them and to ask if i needed to pay anything.
I have today received a letter from the local OR office saying that they want me to pay over the full £ 225 as it is considered to be an asset under section 307 of the insolvendcy act 1986.
This has upset me a bit - as i was led to believe at the time of my interview in November that i would only have to pay over 50-70% of any bonuses or pay rises.
Can anyone tell me if the OR office have got this right? do i have to pay all of the bonus over, even the gross amount - surely that cant be right because not only would i have lost all of my Christmas bonus - but i would be £ 25 worse off as i have paid for the NI on it!!!!!
Thanks for your Help
Tifosi |
Edited by - Tifosi1 on 30 January 2009 21:33:11 |
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John
New Member
United Kingdom
73 Posts |
Posted - 30 January 2009 : 22:37:41
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Hi
the bonus has been deemed an after acquired asset under section 307 thus does not qualify as income per say, but a bonus in addition to your income.
I would definately debate this point coolly and calmly and ask the OR to reconsider invoking the IPA ratio rules of 50% to 70%.
You may have to pay the monies across I'm afraid but before you do, at the least, discuss the £25 NI with them first.
Yet another case of a few offices bucking the usual trend I'm afraid and you appear to have drawn a short straw with your office.
The daft thing is that if you had worked sufficient overtime hours, for example, during the month to earn an extra £225 then the 50% to 70% rule applies.
Ye gods it's a one off bonus, not huge by any means and at Xmas too!
A little more flexibility is exercised by most offices in these cases.
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Edited by - John on 30 January 2009 22:38:12 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 31 January 2009 : 11:12:04
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It almost sounds to me like there are a lot of new examiners who are following the rules to the letter, and not having any flexibility.
Good luck Tifosi1 x
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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Help - Bonus Worries
