will increased payments mean paying off quicker

[Karen_A]

I've had an IVA for two years and paid this monthly on the dot. During those two years, I have had several pay rises and increased my payments accordingly.
At the start of the IVA, a total figure was set to repay back to my creditors. Is that a fixed sum or does it increase if your circumstances change for the better?
Since the start of the IVA, my payments have increased by £150.00 per month . If I continue with increased payments will that mean that I am paying off the overall figure more quickly?
I've not had a statement from the company that set up the IVA so I don't know how or if the balance is coming down.
I've just got a new job which will mean that I will actually be paying £500 per month more than the original monthly payment. If I carry on at that rate for another 3 years, I will actually pay back more that the overall debt I owed !
Can you please help me understand this. I have asked my IVA company but they haven't replied ! Thx

[Viki.W]

Hey Karen, welcome to the forum, an expert will be along to help you. I'm pretty sure that the most you will ever pay back is the original amount plus IP fees plus interest. Please wait for an expert to help. You're in the right place. Viki X

[carlmcmullen]

HI Karen,

You will not pay more than 100p in the £ plus costs of the arrangment like Viki rightly says.

Paying more each month does not mean you will pay quicker unless you end up paying more back than you actually owed at the time you made your proposal to creditors.

However you say you have had no statments from your IP, you dont reveive statments as such but you should recieve an annual report which gives you a breakdown of what you have paid, what has been paid to your creditors and what fees have been charged in doing so.

You should also have an annual review which i expect has happened which is why you have had an increase in payments or did you tell your ip of the increase ?

The balance does not acutally come down of the proposed figures although your debts will be reducing and eventually either paid in full or wrote of after your proopsed period of time.