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Posted: Sun Jun 22, 2008 8:53 pm
by kiki
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
Posted: Sun Jun 22, 2008 8:55 pm
by Viki.W
Hey Kiki, I think this is a pretty normal clause, most forum members who are in IVAs have it. X
Posted: Mon Jun 23, 2008 9:46 am
by abc
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.
Posted: Mon Jun 23, 2008 9:59 am
by MelanieGiles
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.