Just found out we will be paying an extra 12 months payments due to equity, we were expecting this.
We were told there will not be another annual review now and to continue making the same payments.
So what happens if we get rises or bonuses in the equity year, do we have to increase the monthly payment/hand a portion across or is the final 12 months a fixed figure until we complete?
As Foggy states do double check or at least put funds to one side, calculated under the 50/50 rule, to cover any potential claim from your IP. At the end of the twelve months you may end up with a small nest egg to start your debt free life
we were told our payments would continue at the rate we are paying now for another 12 months (this was before we had the equity reviewed and the extension was cancelled)
getting there ....
Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
It will depend on your proposal I'm afraid. Personally for me if you're doing 'extra time' for the equity then I don't see why you should be paying income contributions also - they should have finished in which case no need to review.
I would just clarify the conditions for you extension with your IP so you can be certain.
I am to start my twelve month extension in August, I have been informed by my case manager that I will have the usual I & E review which will determine the level of payments for the extension period, I will however no longer have to pay over any amount of overtime or bonus payments at all after the 60 month original IVA term.
Last edited by Goosed on Thu May 21, 2015 5:45 pm, edited 1 time in total.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
