www.iva.co.uk

I have increased my monthly contributions by almost double due to salary increase. Will this mean my IVA will be paid off quicker than the standard 60 mounts/5 Years.

Depends on your debt level and total contributions.

Your IVA would only be paid off quicker if you repaid your debt in full and costs of the arrangment.

When i say in full i mean the amount you owe in total and not the amount you originally proposed to pay back over the 5 years.

Hope this makes sense.

Carl

i am of the understanding the only way your contributions increase will allow the iva to finish earleir than 5 years if you hit a point were you have paid 100p to the pound other than that the IVA will continue for 5 years

That is correct James!