www.iva.co.uk

In my iva which is relatively new I am paying back roughly 83p in the £... I am paying extra cash in each month as I'm currently temporarily promoted...

Even if it comes to it that I pay back all the money owed will the IVa still keep taking?

Once 100% of amount owing, plus IP fees and possible statutory interest is paid the IVA will cease. However, it will remain on your credit file for the full amount of 6 years from date of acceptance.

Thanks for getting back to me.. Soo in escence you could pay it all back before iva is finished with extra cash from overtime ??

You definitely can do that, you never know it may be you.

Some firms including ourselves usually exclude statutory interest so once the debts are repaid the IVA will cease. Even factoring in whatever IP fees would have been charged it would still be cheaper than trying to consolidate or struggle on for years to come.

I assume you getting to keep at least half of the extra cash which will be a help and means you are getting something for the extra work and responsibility.

Well Michael I am with you guys and each month I'm ringing in to pay half of my extra cash.

Things are going ok and it has eased what was a horrendous time I'm my life.. It's just the uncertainty with when my second child comes and I would hope you would take this in to consideration..

I worry creditors won't care!!

You should not be worrying about the second child and we will adjust the I&E as and when needed. If we have to reduce by more than 15% we will call a meeting to do this and the fact you have been making additional payments will in itself make that job a lot easier.

I am glad the IVA has eased things and I certainly would not want you to be under stress again especially for something as exciting as a new baby.

Thanks michael! I get the feeling from what iv seen on here I'm in good hands.. I will worry about it when comes to it!!

Michael has a great reputation on this forum and will no doubt help if you have any queries.

Good morning Michael... Looking back I see you mentioned at least I am making payments. Just wondered are there people who don't pay their uplift monies ? How would they ever pay them all at the end of the year? Not paying your uplift would that not mean your IVa would fail straight away? I only ask as was under the impression u make a mistake and it is taken very seriously just from other posts people have put up

What, I think, Michael means is that, by making the uplift payments, you have demonstrated that you are conducting the IVA correctly as well as the fact that there has been extra monies coming in that will, to a degree, offset any future reduction.

I agree with Foggy.

There are people who miss payments, do not adhere to modifications and default their IVAs. These are the minority but if we need to get approval from creditors for a reduction in payments it is easier if the client has always been previously compliant.

I hope this makes sense.