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Posted: Sat Oct 11, 2008 9:33 pm
by philip1702
I have an IVA which has been running for 2 years. The original total debt was £60,000 and the payments were £460 x 60 plus a final payment of £20,000 which totals £47,600. My question is my salary has increased in the meantime so I am now paying £720 plus 50% of overtime. If I paid off the £47,700 due to these additional payments would the IVA continue to pay off the £60,000 or would the IVA be complete?
Posted: Sat Oct 11, 2008 9:40 pm
by kallis3
Hi and welcome.
I think that you would be expected to pay off the full amount if at all possible.
Posted: Sat Oct 11, 2008 9:51 pm
by size5
If you are in a position to pay off the debt in full during the course of your IVA then you will be expected to do so, you would also pay any IP fees that were due up to the point of completion but there should be nothing more than that.
Regards.
Posted: Sat Oct 11, 2008 10:09 pm
by philip1702
Thanks for that it is what I expected but I had a thought in the back of my mind that it may be the reduced amount.