Monthly payment changes

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TLBL22

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Joined: Wed Feb 10, 2021 4:47 pm

Post by TLBL22 » Wed Feb 10, 2021 4:49 pm
Hello All,

I wonder if you can help me I have looked on so many websites but have never seen if anyone has ever had a monthly payment go up??

If you have was it by a lot?

Many Thanks

Foggy

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Post by Foggy » Wed Feb 10, 2021 5:00 pm
Monthly IVA payments often increase --- generally by half of any increase in regular income.
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

TLBL22

Posts: 4
Joined: Wed Feb 10, 2021 4:47 pm

Post by TLBL22 » Wed Feb 10, 2021 5:58 pm
So if they changed would that mean the Iva ends sooner ?

Foggy

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Post by Foggy » Wed Feb 10, 2021 6:06 pm
No -- you still have to make the agreed number of payments -- it will mean that creditors will get more of the debt repaid. During an IVA you actually still owe the full original debt, plus fees and whatever isn't paid back at the end is written off then.
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
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