Wage Increase

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Crumlin

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Joined: Mon Jul 02, 2018 2:15 pm

Post by Crumlin » Sun Feb 14, 2021 1:38 pm
Hi,

I've got about 40 months left to go on my IVA. I've just secured a new role that's given me a decent pay increase. Obviously they're going to take their 50%, but that would pay the IVA off long before my six year term. Do they do that, or do they stretch the payments out over the original term still?

I'm assuming they're going to want as much as they can, as quick as they can... and I know it's a good thing to pay it off... just not sure what the deal was.

Thanks!

Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun Feb 14, 2021 2:20 pm
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
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