Hi.
I have been on an iva for the last year, paid 500pm and previously was on a DMP for 15 months also paying 500pm before being persuaded to go on an iva, where 7,500 has gone I don't know, my wage has increased so now paying 713pm let's say over the next 4 yrs and I also pay in my quarterly bonuse so in total over the next 4 years I will pay 60,000k not including the 11,000k paid in yr 1 of my iva and not inc year 1 of DMP of 7,500k, my debt started at 37,000k, will I really pay over 5 years 71,000k not inc the DMP 15 month payment or will my term reduce greatly as no doubt be paying 15k a year instead of 8,500k ? Confused.....
Over the term you should pay no more than the original debt, plus fees and possible statutory interest. Once ( if) you hit that figure the IVA will cease.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
