www.iva.co.uk

I'm about to have my 3rd review. Since last year I've had quite a big pay increase because of a promotion at work. Much of this is used up in cost of living increase. When they put your payments up does it reduce the amount of time you're paying provided the final amount you owed ies covered? I think when I set it up I was paying something like 72p in every pound so with increases I must be close to the final figure?

If your pay has increased but so have your expenses then make sure your I&E reflects this - you may be expected to increase your payments each month - this will just go to increase the end payment to creditors - it will not shorten the length of the IVA.

I'm not 100% sure, but I think you will still keep on paying until the end, unless during the 5years you manage to pay back your creditors in full. If this happens earlier than planned, then the IVA will finish.

Your creditors will want as much back as possible, and if you can afford to pay more, then they will expect more back.

Jan is right. Unless you pay back 100% of original debt plus fees before the end of the term then your IVA will continue.
It just means your creditors will recieve a higher dividend than originally agreed

Just make sure that when you agree to increases set by your IP that this leaves you with sufficient money to maintain a reasonable lifestyle without living in purgatory for another year.

Any increase in net take home pay should be reviewed agianst any increases in your expenses and then agree any ultimate increase in contribution with your IP.

If you can prove that you need a lot of the increase for normal household expenses, then your IP should allow you that.