Hey all! I hope we are all okay! So all it is. My iva isn’t really much money. It was only 6 grand worth of debt. They wrote a grand off it. My iva started at 5 grand and Im currently in my second year of my iva, I was wondering I’m an apprentice at the moment but I complete my apprenteship soon and will be registering self employed, and my wages will be Changing. I will earn anything from 400-800 a week. May be more May be less I honestly don’t know yet because we get paid on the meter, I’m a wall and floor tiler by the way haha. But what I was thinking is if I’m self employed I know my iva payment each month will go up. And I’m fine with that. But what will happen if it gets to a point I earn enough money and I have more money than the actual iva is worth. Can I make a bulk payment with my own money that I’ve earned? I hope somebody can help me and I hope you all have a good morning/evening
Firstly whilst in your iva you will always owe the full amount of your debt prior to your iva agreement.
If your circumstances change where you are able to pay back 100p in the pound, plus IP fees and statutory interest your iva will then conclude.
Your credit record is not cleared until the 6th anniversary of the start of your uvs
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You could make a full and final offer based on the number of repayments left --- but, it is possible, as Luluj mantions that you might hit the "magic figure" of full settlement anyway, in which case the IVA will stop.
But, yes, whiuchever way you do it, you can make a lump sum offer when and if you have accumulated enough from your share of extra earnings.
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