www.iva.co.uk

Hi, I have a quick question:

Say for example if I owed £10,000 and was making monthly payments which meant I would then pay £7000 at the end of my 5 years but then between all of this I get bonuses every year from work and a payrise every year and then calculated that if upon getting my bonus and pay rise that take half and any extra income that then I would be paying £20,000 is this right? Could they still continue to take half of my bonus every year and any additional money I get from a pay rise?

You will never pay back more than your original debt plus fees and possible statutory interest. Once you hit that your IVA will be completed.

Thank you for replying.

What is statutory interest ?

It can be charged by your IP company and usually runs at 8%. Not all companies do it though.

Hi,
I've just had a refund from my IP as I had paid more into the IVA than was owed + fees. My last (72nd) payment was in October and refund was paid last week. They are in the process of issuing completion cert.