www.iva.co.uk

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

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.

right i see
thanks for that