Could you end up paying more than original debt ?

[t.u.c.a]

During the 5 years in an IVA, the monthly amount will increase with wage increases. Could you end up paying more than the original debt ?

[iva experts]

Hello t.u.c.a and Welcome to the Forum,

The most any individual can pay into an IVA is 100p/£ + I.P fees + Statutory Interest.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[sonyse2t5]

If you could do 100p to the pound in 5 years(Rare) in an IVA then maybe you should look at DMP. 8K of your IVA payment into an IVA will be IP fees and charges. As the figures above

[Andrew Graveson]

Hi t.u.c.a,

Don't forget that your cost of living will likely increase with inflation as well. Most annual pay raises will largely be absorbed in that way.

Of course promotions and significant bonuses could create a situation where 100% of the debt could be repaid.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[Oliver]

You will always have to pay to the best of your ability to conceivably you could end up paying 100% of your debt back plus IP fees. If this is a likely scenario now under your present circumstances it would be important for you to take consideration on a dmp.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp