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Helen.cg
- Posts: 1
- Joined: Thu Aug 14, 2014 2:20 am
I have an iva which is due to complete December 2015 my debt was 16,000 I pay £125.00 a month, my iva is for 5 yrs. in October I will be made redundant will I have to pay back the full debt less what I have paid out of my redundancy money
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi and welcome
It will depend on the terms of your IVA
New protocol allows a debtor to retain six months normal net wage with the balance going into the IVA.
The maximum you can repay is your original debts plus IP fees less payments made to date. Some people also pay statutory interest
Chat your situation through with your own IP
Regards
Andam Davies
