Not sure if I should accept new job. If my payments increase would my IVA end early ?

[Natalie.c]

hi i entered an iva about 5 months ago and currently work part time 18hrs a week i have been offered to move to a full time position 35hrs a week but not sure if i should move to new job as i dont owe loads 10k including a tax credit overpayment which as its a joint claim cant be included in the iva now. i currently pay £85 a month but if payments went up by 150-200 per month would the iva end early when all money paid off or would i pay back thousands more than i ever borrowed. any help would be much appreicated.

[Helen.k]

if your IVA payments increase, it just means your creditors get back more money, doesn't mean you will finish your IVA sooner? I think?

[dancer]

If you pay back everything back before the IVA is due to end then it will finish early (you may have to pay fees & interest as well as the original debt but someone more knowledgeable may be able to advise on this).
If you earn more money the payments are likely to increase but obviously extra costs for travel etc will need to be included in your I&E - whatever happens the job will last longer than the IVA so you will benefit in the long run.

[relieved33]

Your creditors will get more but you will never pay more than your original debt plus fees and possibly statutory interest.

Normally, you can keep 50% of the increase to make it worth your while but think long term. Ivas are not that long in the grand scheme.

[Foggy]

The maximum you can pay back is the full original debt plus fees and possible interest. If you hit that figure the IVA will end early.

If you give up the opportunity now, it might not be there in a few years and, in the meantime, you will still have more to live on each month ( 50% of the increase).