increase in payments

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matty729

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Post by matty729 » Sun Jun 29, 2008 5:40 pm
If my payments are increased after the first year of my iva, will my iva finish earlier or will i have it for five years regardless? I know i can settle it with a lump sum but wasnt sure how it worked if my payments were increased. aNY HELP WOULD BE GREATLY APPRECIATED.
 
 

Moneystinks

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Post by Moneystinks » Sun Jun 29, 2008 5:42 pm
I think if the creditors are not paid in full before the 5 years are up then it will just run for5 years.

Feel free to correct me if I'm wrong anyone. X
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jun 29, 2008 5:48 pm
You will continue to make payments based upon what you can afford for up to five years Matty. The IVA will only be cleared earlier by the agreement of your creditors, or if you manage to pay all your debts plus the costs of the arrangement in full.
Regards, Melanie Giles, Insolvency Practitioner
 
 

matty729

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Post by matty729 » Sun Jun 29, 2008 6:04 pm
oh, its just none of my debt was written off. it only had the interest frozen. Therefore if i get a promtion at work which i will as im in the army i will end up paying more than the debt itself if that makes sense. Also i get tax bonuses if i go on tour and if thats not paying off the debt where does it go? As the current plan already has me paying £2500 over the overall dabt which i assumed was the fee. With the army the way it is i could be going on tour once a year which means handing £1000 a year on top of normal payments. Is that right? Its a £ 1000 as thats half the bonus
 
 

luluj

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Post by luluj » Sun Jun 29, 2008 8:50 pm
My understanding is that you pay back your debt in full plus IP fees plus possibly statutory interest (8%) - but no more! Once this is paid back that is it and if before the end of the five years then so be it - job done!
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indebtforever

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Post by indebtforever » Sun Jun 29, 2008 9:03 pm
are you sure your in an iva and not a payment plan?? you say none written off and only interest frozen?
 
 

luluj

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Post by luluj » Sun Jun 29, 2008 9:05 pm
sounds like it might be DMP????
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kallis3

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Post by kallis3 » Sun Jun 29, 2008 9:07 pm
Yes, if it's an IVA then a decent proportion of the debt will be written off.
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