Improves from £1,500pm to 2,800pm

[Mike121]

What is the maximum debt repayment by joining the IVA program? Is it 100% of my debt or you can taking as much as you want if my financial situation improves?
For example: I earned £ 1,500 a month and had expenses of £1,400 so I could pay IVA £100 per month. After a year, my financial situation has improved and I earn £ 2,800 and my expenses have not changed so I have £ 1400 left in my pocket, which I have to give 50 perceny of this extra £1400 to IVA which gives £ 700 per month.
My total debt is £ 12,000 and agreement from creditors to pay £ 6,000 over a 60 month which gives £ 100 a month. Now I have to pay £ 700 a month plus all the other bonuses they take away from me too! Which means that I pay over £ 30,000 for the next four years !!! Is it possible?
Regard Mike

[Foggy]

The maximum amount you would have to pay, if you could, would be the full original debt, fees and possible statutory interest. On a debt of around £12,000 this would be somewhere around £17,000 the IVA will end early if you hit this amount.

[Mike121]

Thank you very much for the answer but I have one more question. My new job is temporary so what will happen and I know that happen if one day I come back to my earlier earnings or even lower? I will have to wait until the next settlement? I will not be able to pay such a high amount during this time.

[Foggy]

The IP should be able to reduce your payment when and if your income goes down. The creditors might not agree to a reduction much below the starting figure, but if, in the meantime, you have been paying more they may well be sympathetic. They were in my case.