iva and commission???

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kiki

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Post by kiki » Sun Jun 22, 2008 8:53 pm
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hi there
im just in the process of trying for an iva and my ip told me that my debtors may request 50% of any commission i get- has anyone else had this happen and do you think it will strenghten my case??

thanks
kiki
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Viki.W

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Post by Viki.W » Sun Jun 22, 2008 8:55 pm
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Hey Kiki, I think this is a pretty normal clause, most forum members who are in IVAs have it. X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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abc

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Post by abc » Mon Jun 23, 2008 9:46 am
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This is normal and some very old IVAs asked for 100%. The reason for 50% of the net is that it encourages you as you and your creditors both benefit from overtime/commission etc.
Alan Coleman
Licensed Insolvency Practitioner with over 20 years experience and specialist for IVAs for self employed people

www.jmmarriott.co.uk
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MelanieGiles

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Post by MelanieGiles » Mon Jun 23, 2008 9:59 am
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If your IP is operating under the new IVA protocol, you will be allowed to retain the first 10% of any addiitonal earnings and after that the difference is split on a 50/50 basis. As this is a much fairer arrangement, it might be better to shop around and find an IP who is using the protocol as the basis of their IVAs.
Regards, Melanie Giles, Insolvency Practitioner
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