As part of an IVA can I pay back more than the total of my consolidated debts? My IVA should finish in July by which time I will have paid 96% of my total debts and been in IVA for 6 years. I can’t release equity from property to make up remaining 4% is it reasonable to continue payments for further 12 months?
You will never pay back more than your original total debt plus fees and possible statutory interest. Have a word with your IP to ask what is going to happen in July.
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
As long as the total you repay, as Kallis says, doesn't hit 100% of original debt, plus fees the equity extension will be applied as per the originally agreed terms. If you hit this figure part way through the extension, 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