Hello again...I don't get it, if my IVA was 30k & I had 20k to pay into it, do I owe 10k or will that 20k be given to the creditors, and will my IVA still be 30k???
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
John, you will owe whatever your original debts amounted to when your IVA was agreed, the IVA will have been agreed on a minimum dividend to be reached, however you will still owe every penny of your original debts until the IVA completes, once the IVA completes, any remaining debt will be written off.
So for example, your debts leading you to take out an IVA were £50k, your IVA was agreed on a minimum dividend of you making payments to the tune of £20k over the lifetime of the IVA, however due to payrises/windfalls etc, you have managed to pay £30k, you will still owe the remaining £20k until your IVA completes
