When the term "original dividend" is mentioned on here does it mean the original amount we owe or the appoved interest free amount?
Thus if i am constantly overpaying will i shorten the length of time if I pay the amount that was agreed quicker than the five years [:I] does this make sense?[?][?]
When we started our IVA we were told that when payments went up then it would be paid off in less than 5 years. When I spoke to someone last year at Debt Free Direct she told me that is not the case, and that we will be paying for the full five years. Cant stand liars!
The original dividend is the amount in the pound that your IVA states will be paid off over the term of the arrangement.
If you overpay, the only way your IVA will conclude sooner will be if you end up paying back 100p in the pound, otherwise your IVA will continue for the full term.
The creditors want as much money back as possible.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
SophieRose - you were badly advised when you were told that increased payments would reduce the timescale of the IVA - unless as Jan states you would be able to pay the debts off in full.
Usually proposals indicate what the dividend is likely to be unless modifications are put forward insisting on a minimum dividend of "x".
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
