Since starting an IVA, I have completed training and qualifications and have been offered a job role that pays £35,000 more a year than I previously earned. If I had to give 50% of this to the IVA then I would have nearly paid off the existing balance and if I continue to pay 50% of the new wage I will be paying above and beyond the original debt. What would happen ?
Dont forget you will always owe the full debt /fees and possible interest. Only when these are paid off will your IVA finish early. Otherwise it will continue with the increased payment
Last edited by ginger323232 on Sat Jul 23, 2016 7:44 am, edited 1 time in total.
Once your payments into the IVA hit the figure to cover the full original debt, plus fees and possible statutory interest at 8% p.a simple the IVA will conclude, if this is before the agreed term.
Although, on paper, this looks like more than your original debt, you haven't been paying interest over the period at a probably higher rate. And, of course, you have been protected from collection proceedings. So, all good.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You will keep paying what you can afford until either the normal end of your IVA, or until you have paid off 100% of the debt, interest and costs, whichever comes first.
