Can my iva be further extended after mortgage extension?

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henda7
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by henda7 » Thu Sep 07, 2017 11:30 am
i am currently in a iva this has been extended by 1 year as we couldn't re mortgage it is due to end in october. however i would just like to clarify can they extend the iva any longer , the reason i ask this i work in sales and i rec commission some months and my income can vary but evens it self out over the year , we complete annual reviews and the payments have went up every year , my final wage review will show i earned more this year than last can they extend this any further? confused where i stand as prev conversations they have said i have pay back additional income at end of iva even thou my payments have doubled since the start.
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Foggy
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by Foggy » Thu Sep 07, 2017 11:41 am
IVA payments increase in line with increased regular income (permanent pay rises). Commission, overtime and bonus payments should be dealt with seperately and accounted for / paid in on a monthy basis, unless other agreements in this regard have been made. So, in theory, the only extra money you might owe will be down to unaccounted for shares of these kinds of income. The IP can extend to recover any arrears, but, of course, will have to substantiate his claim to there being any arrears.

Assuming you have the usual clauses any permanent pay increases since your last review would only lick in after the next review, which will be the final review, so there should be nothing owing in respect of, as I say, permanent increases.
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