Will my IVA be paid off quicker

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rise2trot

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Post by rise2trot » Tue Jan 29, 2008 5:09 pm
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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.
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carlmcmullen

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Post by carlmcmullen » Tue Jan 29, 2008 5:14 pm
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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
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james.c

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Post by james.c » Tue Jan 29, 2008 9:17 pm
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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
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MelanieGiles

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Post by MelanieGiles » Tue Jan 29, 2008 9:18 pm
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That is correct James!
Regards, Melanie Giles, Insolvency Practitioner
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