Hi there I am in an iva and have 10 months left to pay I’m paying £72 a month there is a possibility I might be getting a rebate of £900 will it be swallowed into my iva and I continue paying £72 a month or will it complete my iva early?
Extra payments into an IVA, such as windfalls, overtime or bonus payments do not reduce the agreed amount or number of IVA payments, but, rather, they increase the amount of debt you repay.
During an IVA you do not 'owe' just the agreed payments. You still owe the full original debt plus fees. If the increased payment hits that amount, the arrangement will end early. If it does not, it simply means that creditors get repaid a little more.
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
Chances are they will keep it unless you are able to pay your debts in full plus fees.
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