I am just considering a IVA as I have £11,000 debt I understand that I will most likely pay about £5000 in fees my question is if I pay £200 a month and end up earning more in the future is it possible you can end up paying more than you owe or do they end the IVA early if that happens
The most you can pay is the full debt, fees and possible statutory interest. On an £11K debt this would amount to (very) roughly £11,000 debt, around £4,500 fees and disbursements and, if interest is applied ( some agreements exclude it) £880 per annum (calculated on a daily basis, on the reducing debt). Once you hit this figure the IVA will end early.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
If you expect your income may increase a lot, you should think about a debt management plan now, rather than an IVA. Then if your income goes up you can settle the debts early.
You may end up paying less than the current debts and you also avoid an insolvency marker on your credit record.
Also if things go wrong for you, an IVA can fail. With a DMP, you just cut your payments.
You will still have bad credit record and I found, when I was on my DMP that payments did go up.
There is also no guarantee that creditors will freeze interest.
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