www.iva.co.uk

Hi
I have been paying my IVA for 28 months without fail. When i took the iva out i was told i could only base my payments on my basic salary and commision would not be included.

In the 2 years I have earned double my basic salary but this has been spent on general living as I wasnt told this had to go to creditors....my question is will i have to pay this commision back? I

I cant afford to increase my payments as commision is not guarenteed and it is quiet at work also i will probably end up owing more than i first did!!??....Can i change my iva or Fail it and contact the creditors direct?

It would depend on the wording in your chairmans report.
Commissions i suppose would be treated the same as overtime which in most cases, 50% has to be paid over for the benefit of your creditors.

If your living expenses have increased that much then you should speak with your IP about calling a variation meeting to set your repayments at a lower level.

Hi
Check your wording,you will probably have the 50/50 clause.
You need to speak with your IP as your IVA could fail and you will be back to square one
Regards

You must have had at least two reviews of your case by now, so it suggests to me that either your IP has not asked to look at your pay statements, or you do not have the uplift provision.

If you have been earning twice your original salary, I am very suprised that you have not been asked to increase your payments.