Overtime again!

[63k]

If we owed £70,000 after crditors meeting we now owe lets say £30,000, and we pay our overtime in every month which is irregular s has been asked for 50% of it. Say we get the payments up to £30,000 within the 2 year period (we earn alot) would the IVA stop there ir are we supposed to pay up to the original £70,000 we owed?

[catullus]

The term of the IVA, normally 60 months, overrides, everything else. Your commitment is to make your monthly payments for this period, and to make payments of 50% of any overtime that your earn in this period.

If you do this, and you pay in enough to pay off your creditors in full, then that is what will happen, and at the end of 60 months any surplus money will be returned to you.

A better way of looking at your IVA is that you still owe £70,000 but if you do what you have promised, the debt will be wiped out in 5 years.

[63k]

Thanks
So it wont stop then!

If we pay in the 70 we have to carry on paying until the end and get a refund!

[catullus]

That's right!

[Adam Davies]

The max that will be due is the original 70k plus IP fees and possibly statutory interest so it could be nearer 80k before you receive any money back
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