review form

[alba]

if i am already one year into an iva & my income increases doesthismean my debt will increase or just my monthly payments. & if it just my monthly payments will it mean I repay it earlier.
Also i have the review form to fill in & it does not include childcare surely this should be on my outgoings? thankyou

[BECKY]

If your income has increased and it is not offset by any new expenditure then your payments will increase. It only affects how long you have to pay off if you are paying back 100p in £. If you are paying childcare costs I think these will come as part of your expenditure so could possibly offset against your increased income. Im not an expert but think thats how it works.

[Adam Davies]

Hi
I can,t fault Becky,s reply.
Just add the childcare costs to your expenditure listing.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[alba]

Hi. thankyou for help. Sorry I dont really understand.
my repayment is 44p/£ so does this mean if I increase my payments it will be paid earlier or will I just owe more. Can the amount owed when the IVA was arranged change?

[pippa]

Hi Alba

The 44p/£ is the minimum you will pay back, your debt is the original amount owed until the end of the IVA when if you have met the minimum criteria the rest will be 'written off'. If you have excess money each month to pay into your IVA then this will increase the final p in the £ paid to your creditors.

Pippa

[alba]

Thankyou i understand it now.

Thanks