would the IVA be complete?

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philip1702

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Post by philip1702 » Sat Oct 11, 2008 9:33 pm
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I have an IVA which has been running for 2 years. The original total debt was £60,000 and the payments were £460 x 60 plus a final payment of £20,000 which totals £47,600. My question is my salary has increased in the meantime so I am now paying £720 plus 50% of overtime. If I paid off the £47,700 due to these additional payments would the IVA continue to pay off the £60,000 or would the IVA be complete?
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kallis3

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Post by kallis3 » Sat Oct 11, 2008 9:40 pm
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Hi and welcome.

I think that you would be expected to pay off the full amount if at all possible.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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size5

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Post by size5 » Sat Oct 11, 2008 9:51 pm
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If you are in a position to pay off the debt in full during the course of your IVA then you will be expected to do so, you would also pay any IP fees that were due up to the point of completion but there should be nothing more than that.

Regards.
Cert DR
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philip1702

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Post by philip1702 » Sat Oct 11, 2008 10:09 pm
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Thanks for that it is what I expected but I had a thought in the back of my mind that it may be the reduced amount.
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