My partner has an iva. His outgoings are actually more than his income and although i have nothing to do with the iva as it was before we met, we have a child now and I am happy to subsidise hisincome and pay the iva. we have just filled out the i&e form which shows a deficit but they have said he now has to give them 50% of all commission. This is a big amount and will leave us in sever financial difficulty. he cant afford to do that and may have to go bankrupt...is this fair?
Paying over a share of overtime, a bonus or commission is quite usual. Check his proposal for the exact details.
If his income is less than his expenditure, I cannot see how the iva is viable unless he is with one of the companies that look at the household income and expenditure.
Who is he with and what have they said about the review figures?
As said, a share of commission payments, over and above regular salary, are payable into the IVA -- I am afraid fairness doesn't come into it -- it is what he agreed to do and will be detailed in the paperwork.
If his essential outgoings are genuinely in excess of his income, then the IVA might well fail, unless he can agree a way forward with his IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It sounds like he needs the commission to live. The I&E should have been adjusted each time there was a change of circumstances and his base income increased accoringly. This would have avoided these type of problems.
Something strange is going on - if he has a deficit each month I don't understand how the IVA was ever viable unless the IVA contributions were based on assumed regular commission or his circumstances have changed since he first started. Only way to find out is to look at his original proposal (and any modifications put in place) or speak to the IP firm.
