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Could my commission be taken to pay debts while on IVA? |
Submitted on: 3rd Jan 2011 by Non-Member | Total Answers: 5
Hi, I am in debt of £17,400 comprising a £2000 overdraft and 5 credit cards built up through university and travelling. I have spoken to a representative at Baines and Ernst who have advised I apply for an IVA and pay back £190 a month. My salary is £18,000, I take home £1083 a month after tax. I am not on any benefits. I rent a flat with my boyfriend. I work as a recruitment consultant and I will soon start earning commission at work. This isnt guaranteed income and wont be included in the set up of the IVA, but could this be taken in the yearly review to help pay off my debts? Thanks
Re: Could my commission be taken to pay debts while on IVA?
You really do need to speak to an IVA specialist to confirm this so can we suggest one of the top debt advisors such as The Debt Advice Foundation . Click here to find out more or CAP UK.
Re: Could my commission be taken to pay debts while on IVA?
You will need to declare any increases in your income to your IVA provider, but they should take into account the fluctuating nature of the commission.
Re: Could my commission be taken to pay debts while on IVA?
When preparing an IVA proposal the initial monthly contribution is calculated by taking account of Income and Expenditure at that time and also makes provision for any future changes that are known, setting these changes in to the payment plan.
Most commonly this would be because a Hire Purchase agreement is due to end during the term of the IVA. This means that the money is now available to pay into the IVA instead of the HP agreement. These calculations and payment changes provide creditors with details of how much they should expect to receive in payments and they vote based on this.
IVA’s generally last for 5 years and it would be reasonable to expect changes to someone’s income and circumstances during that length of time. The proposal document itself will contain the details of how commission payments, overtime, windfalls and changes to income and expenditure will be dealt with. Generally speaking a % of the net pay will be paid to the IVA and a % will be kept in the household. I have seen many proposals from different Insolvency Practitioners and this amount has varied over the past 5 years and 50 to 60% of overtime and commission is not uncommon.
This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.
Re: Could my commission be taken to pay debts while on IVA?
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Re: Could my commission be taken to pay debts while on IVA?
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