I work on commission every month

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mandy.w

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Post by mandy.w » Tue Mar 18, 2008 2:09 pm
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I work on commission every month but have a basic salary. Can an IVA take money that is not guaranteed income?
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debbiw

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Post by debbiw » Tue Mar 18, 2008 2:12 pm
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If an IVA is accepted, then you may have to pay over 50% of anything other than basic, ie - overtime x
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Adam Davies

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Post by Adam Davies » Tue Mar 18, 2008 4:13 pm
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Hi
Debbiw is correct that under normal circumstances 50% of any commission is paid into the IVA.However if you have a job where you have a low basic and the majority of your income is commission your IP may propose your IVA with an average of this commission
Regards
Andam Davies
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size5

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Post by size5 » Tue Mar 18, 2008 4:31 pm
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I would agree there, unless you have only been in the job 5 minutes it makes much more sense to look at a historical average.

Regards.
Cert DR
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AlanO

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Post by AlanO » Tue Mar 18, 2008 8:43 pm
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Hi Mandy,

I suggest that when making the proposal you would wish your nominee to clearly establish and agree a sustainable monthly payment. Then it is not unrealistic to have the 50% rule apply.

I have come accross cases where original agreements were based on Historic levels - then circumstances changed ( I guess income linked to housing market could be an example in current climate) and variations were needed.

All the best Alan

www.debtdr.co.uk
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MelanieGiles

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Post by MelanieGiles » Tue Mar 18, 2008 11:33 pm
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In many IVA proposals being proposed now, mine included, you are allowed to retain the first 10% of any additional earnings before the 50% ruling applies.
Regards, Melanie Giles, Insolvency Practitioner
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