I have learned to live within my means. What happens if I now have excess funds ?

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Shukraprabha

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Post by Shukraprabha » Wed Feb 03, 2016 5:44 am
I'm nearing end of an IVA and have learned to live within my means.Initially , my debt was £18000, on IVA it was reduced by £5000, in total I was asked to pay £13000. over 5 years. In the final year, my husband had a job and had extra income , so they doubled the instalment to £541 a month over the last 12 months. So I've paid £ 243x48 months plus 541x 11 months , one more to go. Now, I'm due for a review and have nearly paid the initial amount. After the income and expenditure review ,if I have excess funds , will I have to continue paying into the IVA? When will it end?
 
 

lifenoteasy

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Post by lifenoteasy » Wed Feb 03, 2016 8:17 am
A lot will depend on whether you have a mortgage and there is equity.

I'm a little confused about why your contributions doubled unless you are in dn interlocking iva with your husband.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Lisa Thomas

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Post by Lisa Thomas » Thu Feb 04, 2016 11:33 am
LNE perhaps because husbands income increased and he could afford to pay more of the expenses giving a higher disposable income?

Excluding termination an IVA will normally end either:

When it reaches its end date (usually 5 years or 6 if extended due to equity)

OR

If 100% of the debt, plus statutory interest, plus costs are paid in full

OR

if for whatever reason a variation is agreed to bring it to an early end (eg F&F accepted etc).

In (very very) broad terms you would need to pay c£29k back to pay everything off in full and have paid back c17.6k.
Last edited by Lisa Thomas on Thu Feb 04, 2016 11:35 am, edited 1 time in total.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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