Hello all
Looking a little bit of help. I have had my IVA for 6 months now and paying in variable additional overtime payments as agreed in the proposal. For clarity, my situation is as follows:
63k of debts (99% negative equity on a mortgage - house is now gone obviously)
Circa £450 p/month
Average £200 p/month of overtime - it varies wildly
5.5 years in the IVA left to go!!
So, rough calculations on payback is £46,800. I have no doubt the actual figure will be higher than this.
I understand the IVA isn't a consolidation loan of sorts and that that 63k is plus interest and fees etc. Saying that, it is fixed at 6 year agreement and I'm wondering if a potential Court payout in relation to my employment will actually help me...
So, my employer has to pay back unpaid holiday overtime that should have been factored into pay over the past 20 years as set out by the Employment Appeal Tribunal. The amount to be awarded is yet to be decided, as is how it will be paid e.g. backpay in a lump sum, extra monies every month going forward etc. Assuming it will be paid as a lump sum ,and for example it was a figure of £10k net, I will of course let my IP know and they will decide if I'm entitled to any of it (100% windfall, 50/50 rule on overtime etc)
My question is given that is 10k into the pot, will this assist in completing my IVA quicker? I had asked my IP about overtime and if that I had the luxury to work a lot of it, if it would speed up the process of payback. Needless to say, the answer was less than clear.
I've read that you won't pay back more that 100p in the £ for the debt but I'm keen and industrious enough that if I could work towards paying it off sooner then I absolutely would
Any help?
Thanks