Overtime money into the IVA pot

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newboy

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Post by newboy » Sun Nov 11, 2012 9:18 pm
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Hi Everyone,

Hope you can advise me on this. Would the extra money you pay into an iva pot from doing overtime helps reduce the total amount you suppose to pay over 6 years?
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luluj

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Post by luluj » Sun Nov 11, 2012 9:30 pm
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It will go towards paying your creditors a higher dividend against your original debt, not the agreed amount at time your IVA was approved.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

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MelanieGiles

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Post by MelanieGiles » Mon Nov 12, 2012 12:31 am
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No - but if you are fortunate to be able to repay all of your debts in full at any time during the IVA, the the duration will be reduced. Are you already in an IVA newboy?
Regards, Melanie Giles, Insolvency Practitioner
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