My income imcreased massively 6 months after

[lauradl]

My income imcreased massively 6 months after my IVA started, and so i am at the point now where I will have paid off the full debt I originally owed within 4 years of my IVA starting. Will this mean it ends early? And will I then be expected to pay the fees as well rather than the creditors?

[rayb]

Hi,

Did you not contact your provider to tell them that you had a pay rise?? You will only pay the amount you would of paid had all your debts run there normal course plus the IVA fees. How long has your IVA been running??

[MelanieGiles]

You will be expected to pay the IP's fees which have accrued up to the date of completion - but great news for you that your creditors will be repaid in full. Well done.

[lauradl]

great, thanks Melanie, that's what I thought. Can you give me a rough idea of what I can expect those fees to be?

[Lisa2009]

There should be a breakdown of the annual fees in the paper work you would have been sent when the IVA was set up.

[lauradl]

ok, thanks - i will have a look through all that and find out. I just want to make sure I'm fully aware of what's expected so my IVA company can't try me for any more!

[MelanieGiles]

Sorry - I can't help with that one as the fees chargeable will be particular to your own firm but are clearly detailed in your IVA proposal.

[David Mond]

You may also be able to negotiate a reduction from your IP if you pay off 100% earlier than what was originally envisaged - ie the IP will or should forego the 5th year supervisory fee or at worse a high percentage thereof.