Can anyone tell me what I can do with regards to commission pay?
I changed jobs a year into my IVA and now im in a commission paid position with over 20% of my final wage made up of commission - my wage fluctuates wildly between £1250 (which is lower than my original wage) and £3000 month on month basis depending on contracts....
I havent declared any of this as I assumed it would be worked out on my yearly appraissal using my P60 to calculate the mean difference over the course of the year and then adjsut accordingly for the following year - I did advise my IVA of my job change and its commision based but they ask or advise what I need to do - is this a correct way of doing this or should I be changing my payment on a monthly basis?????
What are peoples experiences of this?
I have been reading various forums with different scenarios and Im really worried that going to default on my IVA as they will see it as a breach..
You have kept your IP informed so that is a good thing and hopefully they have advised you what to do. There are a few different ways of dealing with this but it depends on your proposal and your own IP.
As it is a new job your payments may not need to be adjusted until the annual review but again only your own IP can answer this.
I did let my IP know at the time of job change and they never advised me that I needed to anything different to what happens just changed over the details (I actually had to chase them several times before I got a reply saying my records have been updated and thats all I have ever had with regards to my new job!).
I will speak to my IP to get something in place - I cannot afford to pay any previous monies from commison but hopefully something can be put in place going forward and my IVA isnt compromised! [:(]
