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Monthly payment changes

Posted: Wed Feb 10, 2021 4:49 pm
by TLBL22
Hello All,

I wonder if you can help me I have looked on so many websites but have never seen if anyone has ever had a monthly payment go up??

If you have was it by a lot?

Many Thanks

Re: Monthly payment changes

Posted: Wed Feb 10, 2021 5:00 pm
by Foggy
Monthly IVA payments often increase --- generally by half of any increase in regular income.

Re: Monthly payment changes

Posted: Wed Feb 10, 2021 5:58 pm
by TLBL22
So if they changed would that mean the Iva ends sooner ?

Re: Monthly payment changes

Posted: Wed Feb 10, 2021 6:06 pm
by Foggy
No -- you still have to make the agreed number of payments -- it will mean that creditors will get more of the debt repaid. During an IVA you actually still owe the full original debt, plus fees and whatever isn't paid back at the end is written off then.