1.If a new job increases your net income considerably when do you have to notify the IP i.e asap or next review ?
2. If you manage to pay back the original debt and the charges before the 5yrs, can you apply to the creditors to end the IVA ?, because it cannot be right or legal that the IVA caused you to over pay ?
Inform them now as each company does things differently. It means that you shouldn't have any nasty surprises at review time.
You will never pay back more than your original total debt plus fees and possible statutory interest so if you can manage that before your five years is up your IVA will finish although your credit record will be shot for the full six years.
And, as Kallis says -- if you hit 100% of the original debt, plus fees and possible statutory interest ( again some arrangments exclude S.I from the start and sometimes the creditors can be asked, and will agree, to forgive that element ) then the arrangement will end early. But your credit file will remain shot for the full 6 years.
Who is onlineUsers browsing this forum: No registered users and 12 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location