It can increase depending on your circumstances and you will have a review every year to see if your income has increased. If everything remains the same your payments will not increase.
If you own your own house you will have to try and release equity towards the end of the term (if there is any).
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
If you have a payrise half of it will be added to your payment. Also you have to hand over about half of overtime and bonuses, as well as windfalls over £500.
If your disposable income reduces, say, for instance, you stop subscribing to Sky TV, your IVA payment will increase by the amount saved.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
As previous posters have confirmed, the short answer is Yes. Your payment 'contributions' are based on an assessment of your income and expenditure and in order to pay back as much to your creditors as you can reasonably afford, the rest is then written off.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
