www.iva.co.uk

I work on commission every month but have a basic salary. Can an IVA take money that is not guaranteed income?

If an IVA is accepted, then you may have to pay over 50% of anything other than basic, ie - overtime x

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

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.

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

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.