I’m considering an IVA and have been advised to do so by a debt agency.
I have a few questions tho;
I have around 31k unsecured debt and have worked out with the help of the debt agency to pay as it stands £400 a month
This equates to £24000 over the 5 years
Now I am fully expecting my pay to increase fairly significantly over the next 3 years, meaning I will be able to pay in more than the £400
This means that when I come to the end, I will be fairly close to the £31k paid back. I am aware that fees will be added on by the IP so that figure will be higher.
However, I have a property which I currently have some equity in and expect to have some in when it comes to year 5. If I can remortgage, and my equity EXCEEDS what I have left to pay - how does that work?
Is my level of debt, including the fees, locked at the start of the IVA and (providing I stick to the agreement) and I will never pay more than that?