www.iva.co.uk

Hi, I've recently submitted documents for my final review before completion. If there is any surplus income due after the review, how long do you usually have to pay it? I find it inconceivable that an iva could fail after 60 payments have been made. I work in sales so I've asked my Ip to calculate any surplus for me. Please can you let me know what happens in such cases. Thanks

If you are at the end of your payments, and the IVA does not need to be extended for any purpose - such as dealing with equity - there should be no need for a final review of your disposable income, but your IP will need to see all of your wage-slips to ensure that no uplift is due under the 10%/50/50 rule.

Hope all goes well .

Hi

No reason for it to fail now

If an uplift is calculated by your IP you would make arrangements to pay it so that your IVA can be concluded

Good luck

Regards

Can the uplift be paid over a period of time, if applicable?

I don't see why you couldn't come to an arrangement with your IP but that would be up to them.

Under the terms of the IVA Protocol, the IVA can be extended by up to six months to capture arrears of uplift payments. Any longer, and the specific agreement of creditors would be required at a newly convened creditors meeting.

Hopefully you will know very soon what's required to conclude your iva ...look forward to the debt free life around the corner.