Overtime???

3 posts Page 1 of 1
Post Reply
 
 

connie

User avatar
Posts: 152
Joined: Tue Mar 04, 2008 5:19 pm
Location: United Kingdom
Post by connie » Mon Mar 10, 2008 10:02 pm
Quote
hiya

i just wanted to know how overtime is treated in an IVA. i know 50% would need to go to my creditors but does that mean you pay your IVA off quicker? or does the money go towards covering the money they wrote off?

sorry i know all i do is ask questions. but i know you lot are more clued up than me.

thanks
Top
 
 

pixie

User avatar
Posts: 741
Joined: Tue May 22, 2007 11:51 pm
Location: United Kingdom
Post by pixie » Mon Mar 10, 2008 10:06 pm
Quote
The 50% clause depends on the terms of your IVA but most do include this. The extra you pay simply increases the dividend to creditors. It won't mean your IVA ends early unless you are able to pay enough to cover the original debt, ip fees and statutary interest.
It's a win win really, you get more and the creditors get more.
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
Top
 
 

connie

User avatar
Posts: 152
Joined: Tue Mar 04, 2008 5:19 pm
Location: United Kingdom
Post by connie » Mon Mar 10, 2008 10:22 pm
Quote
right i see
thanks for that
Top
Post Reply
3 posts Page 1 of 1
Return to “postings for march”