www.iva.co.uk

I have a joint IVA with my wife, we had total debt of 58k and the IVA was set at 28k, however, I've now had a very good change of job which leaves a large amount of disposable income. we are just doing our I+E to start our third year of the IVA so have already paid two years worth of money.

my question is that what might be considered a reasonable amount for the IP to agree to take additionally? we pay £579 a month and we would like to offer another £400 to make the payment £979. this stills leaves quite an amount of surplus income though. also, given the amount we owe on the IVA paying almost £1000 a month i've worked out that we will have paid back the remaining money in approx 20 months which is more than a year before the end of the five years. are we still expected to continue paying beyond the 28k and would they look to recover closer to the orginal debt before I entered the IVA?

Any advice would be greatly appreciated.

Hi Mikem

That will now be based upon the terms of your specific IVA, but you should be prepared to pay over at least 50% of your additional earnings to the supervisor. What you need to bear in mind is that you still owe 58k and not 28k - so your additonal payments will only see you paid up in fall if you pay the full £58k and not the £28k originally estimated.

Many thanks for the quick response on a Sunday.

here a bit more of a question. we have paid for two years - average 550 per month (£13,200) not sure what's been eaten in fees on that though. however, even if we've only paid 8k off so far that leaves 50K to pay in total - i've worked out that it would be £1400 per month for the next three years to pay that fully - I'm assuming that they wouldn't take more than this, would they?

Hi
The maximum that you will pay will be the original debt plus IP fees and possibly statutory interest at 8% per year.
So 58k plus approx 7k in fees is 65k,so approx three more years if interested is not added
Regards

They will take as much as you can afford to pay in line with the terms of the arrangement Mike.