If you had a huge windfall - you would pay in full (amount owed + interest + fee's) - anything over that would be yours.
Is he in an IVA or not?
OK .... so -- you had a 5 year IVA with payments set to your disposable income as calculated at the time. Was any extension applied at the creditors meeting, or was it accepted at 5 years ?
Husband changed jobs ( which you should have informed them of, so you are on the back foot here and in the wrong ) -- and so his salary changed -- presumably increased. So your payments should have increased by 50% of the increase in his income ... no extension.
The £800 they say earned extra -- is this based on the new income, or is this £800 over the old income when you started the IVA ? How are they saying theis £800 arose? Overtime is treated differently to a permanent payrise --- but, either way you should only need to pay around half the extra into the IVA.
So ... first establish if they are right about this £800 ---- if they are it will be classed as arrears and they can extend the IVA by however many months it takes to repay them. What is your monthly payment ?
At the end of the day an IVA company is acting as the representative to the creditors - they cannot extend an agreement without their permission because it forms part of a contract that allows them to be paid for their work.
So our iva now stands at 8 and a half years!! Can they just keep adding time on??
It is worded that it's the iva people who are suggesting the additional 2 years so the iva does not fail. "The debtors do not wish the iva to fail and would like to make an offer to creditors in lieu of the income reviews owed". Not that the creditors are requesting it??
Many thanks for your help kirsty
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