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Posted: Tue Sep 20, 2011 8:08 am
by john c
Hello and Good Morning.
Does any money paid into an IVA other than the agreed monthly amount come off the balance ? overtime/bonus/windfall etc.
Posted: Tue Sep 20, 2011 8:19 am
by kallis3
Hi,
Anything extra paid in goes towards your IVA but won't come off the balance. It means that your creditors will get more.
You will always owe the full amount borrowed to your creditors until IVA completion.
Posted: Tue Sep 20, 2011 8:23 am
by taliesin
Hia John C,
To the best of my knowledge, all IVA's stipulate that any Overtime/Windfalls/Bonus monies received shall be counted as an extra payback to your creditors. You still owe all of what you orignally owed pre iva until the completion until completion date. So if you were paying back say 40p in the £ of a £20000 debt, you'd be paying £8000 over 5 years through monthly contributions. Overtime etc would go towards that original £20000, but not towards that £8000 figure. Hope that makes sense....
Posted: Tue Sep 20, 2011 8:47 am
by kallis3
Of course if any windfalls etc meant that you could pay back 100p in the pound plus fees then your IVA may finish sooner.
Posted: Tue Sep 20, 2011 8:51 am
by taliesin
Ah,
kallis3, are you dreaming of Euromillions too.
Posted: Tue Sep 20, 2011 8:52 am
by kallis3
The normal lottery would do for me!!
I'd give anything for a tenner win at the moment!!
Posted: Tue Sep 20, 2011 9:02 am
by taliesin
Tell me about it. I've just come off a 70 hour working week because the gas and electric bills arrived through my door last week.
Posted: Tue Sep 20, 2011 9:14 am
by kallis3
That's not good at all! Thankfully mine aren't due until November and I hope I've paid enough across via the DD to be able to cover them.