Change in job/ Contribution 'cap'

[blueman7]

Hi
I've been in my IVA coming up to the third year, after some intitial reservations, it seems to be working out OK. The IP people at Tenon are pretty good to deal with.
My initial contributions were aprox 290.00 per month but I am now paying 335.00 plus 65.00 to cover arrears from overtime and stuff so I pay about 400/month in total. I have also handed over lump sum payments when I 've received bonuses etc.
My main query is whether there is a 'ceiling' on the monthly contributions as I calculated that in total I will be paying back aprox 25,0000 when total debt in the IVA was 19,574.
I start a new job soon and I'm just conscious that my monthly contributions will go through the roof because of the increase in salery, I'm aware of the 50% rule but the creditors seem to be doing alright out of me as it is and I'm sick of being skint.

Thanks in advance for any info

[MelanieGiles]

The upper ceiling is paying back all of your creditors in full together with the costs of the arrangement.

[blueman7]

Thanks for the speedy reply Melanie,
Does that mean (based on figures from my IVA), that I owe creditors 19,574 and costs 7000, so a total of aprox 26000.
If I paid this within the 5 years, then thats all they can take off me?

Thanks for the help

[plasticdaft]

Pretty much yes. You may find that the agreement can close early.

Paul

[ivas4us]

May be worth a call to your IP and ask what the maximum figure will be.

[blueman7]

Thanks for the info, I thought they could just keep taking and taking to cover the lost interest etc. I'll be glad when its all done and dusted.

[MelanieGiles]

That is correct blueman - I am also assuming that there is no provision in your IVA for you to have to pay statutory interest - perhaps another thing to ask your IP about although it is highly unlikely.