I'm in an IVA and i received a bonus from my work, I'm not in a position to hand back the full bonus?

I originally received a £3k bonus in April this year and I spent £1.5k of this bonus back in May as I had to move out of the rented accommodation I was in and I purchased some furniture etc for my new flat. The remaining money was to be paid over to the IVA administrator however due to my car having to be scraped in October because it needed a new the engine I purchased a replacement vehicle for £1.1k will this be acceptable to the creditors ?? I have the remaining £400 to be paid over. I have no more money i can pay over. i pay £500 per month into the IVA and have never been late or missed a payment.

1 Answer

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  • Kay
    Lv 6
    1 decade ago
    Favorite Answer

    It's based on the agreement you signed on payment arrangement with IVA. If paying 500 pounds per month was acceptable by IVA and you never late or missed a payment, how you spend your bonus money is your free choice. Make sure the agreement does not stipulate that the bonum money should be turned over to them or percentage thereof.

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