Will I pay more?

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cbdawg
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by cbdawg » Tue Jul 04, 2017 4:26 pm
Hi All
My IVA agreed amount is about 10k, less than what I actually owed. Just a quick q, with getting a better job, earning more etc etc, change in circumstance and now paying a 1/3 more each month, will my payments be paying off the agreed amount or will it be increased up to what I actually owed? and stick to the original 60 month term.

thanks very much in advance
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Foggy
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by Foggy » Tue Jul 04, 2017 4:38 pm
During an IVA you always owe the full original debt, plus fees and possible statutory interest (sometimes this part is excluded). You will continue to pay until either you hit this figure (in which case the IVA will end) or the agreed term and all payments are met.

If you are a homeowner, that 60 month term could also be extended by 12 months, according to equity release provisions.
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luluj
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by luluj » Wed Jul 05, 2017 6:58 am
Well done on the new job and increased salary. As foggy says it will increase your return to creditors in the long run however you will also benefit from it to.
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