Hi. im due my annual review, and according to the figures ive entered on the income/expenditure sheet it looks as though i will have to pay an additional £50per month back.
What exactly does this mean ?
Will i pay off the iva earlier ?
or do they just get more money from me towards the debt ?
It means that creditors will get the benefit of your additional money - I am afraid that the IVA will not conclude early, unless you are able to repay the debts in full.
If you can pay back 100p in the pound, plus fees, before the end of your IVA, then it will finish earlier.
Otherwise it means that you will just pay a larger dividend to your creditors and it will continue until the end.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
