Hi,
Can someone please advice me on this particular situation.
I am in IVA since one year.
A week before, they have done the annual review. Based on the calculations, they found that I have £200 surplus amount, so they decided to increase my contribution
by 50% of my surplus amount. As, my previous contribution is £200, now they changed to £300 from next month onwards. I am 100% with fine it.
Because, in my tough time last year, entering into IVA has given me big relief. I can't even guess how I will be, if I have not entered IVA last year. More over, I am giving more importance
to money than before. It increased my financial awareness. I am able to decide where to spend and where not to spend. Honestly, I am thankful to IVA for this.
Details of my IVA:
My Total Loan Amount = £23,000.00 (app)
IVA Cost Per 5 Years = £ 6,000.00 (app)
Total = £29,000.00 (app)
Now I am planning to change my job. I want to move to Contracting. This could increase my salary by 30% (I'm talking the best case, though this is not always true).
If this is the case and if I left with a surplus amount of £2000, based on my first review my contribution will increase by £1000 (50% of my surplus amount).
Then my Payments will be as follows:
First Year - £200 * 12 Months = £ 2400.00 (already done)
Second Year -£1200 * 12 Months = £14400.00 (future payments)
Third Year -£1200 * 12 Months = £14400.00 (future payments)
Total at the end of 3 years will be £31,200.00 which is more than the total of £29,000.
And finally my question here is, as the sum of 3 year payments is more than sum of all loans include IVA fees, Do I need to pay anything in 4th and 5th Year?
Can someone please advice me on this.
VK
