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Posted: Sun May 04, 2008 10:06 pm
by maxine
If circumstances change during IVA, for example i got a better job, could i pay back the whole amount? Can an IVA be converted into a loan, for example with the company i have the IVA with so that the full amount is paid back?
Posted: Sun May 04, 2008 10:59 pm
by Viki.W
Hey Maxine, welcome to the forum. Please wait for an expert to advise you, you are in the right place for good advice. Viki X
Posted: Sun May 04, 2008 11:04 pm
by Reviva UK
Hi Maxine
if your situation changes ( better or for worse) during the term of the IVA than you are required to advise the Supervisor as soon as possible.
If your income increased significantly then it is quite possible that you could actually pay back all of the debt within the 5 years.
Posted: Mon May 05, 2008 12:18 am
by Lisa2009
Just to add, your credit rating still wont start to repair untill 6 years after the IVA was approved.
Posted: Mon May 05, 2008 7:25 am
by luluj
You will only pay back 100% + 8% statutory interest + your IP fees -we are in a similar position, and although it hurts to hand over my husbands £3000 pay rise a year, at least I will feel positive in the fact my creditors have been paid the money I spent!
8 down 52 to go!