iva payments

[andyb]

hi all new to the site just found it 30mins hope u can help
ive been in my iva four 3 years my payments started off at £265 amonth and gone up over the years now i am paying £400 amonth does this mean my iva will end early or does it mean im just paying more to my creditors my det at start of iva 30k
thanks alot andy

[Oliver]

It is likely that this will mean that you are returning more money to your creditors.

You will always have to pay your creditors to the best of your ability in an IVA and this can mean that pay increases etc... can up the percentage in the pound that the creditors will receive.

The only way in which this may result in you finishing your IVA early would be if you reached a 100% return to your creditors plus IP fees within the agreed time scale.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Hi andyb and Welcome to the Forum,

Unfortunately increased monthly payments does not mean that your IVA will be paid off quicker, this is because in an IVA the individual must pay as much as they can. For some people this will be 25p/£ but for others this could mean 100p/£ plus I.P fees plus statutory interest.

Best Regards. IVA Experts

[iva_squirrel]

Good evening,

Unfortunately it does not mean that you will be able to finish your iva sooner. You will be returning more money to your creditors.

All the best.

Regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm