If your wages improve drastically can the Iva take all off this extra money an will they cut short your 5 years if you pay it off earielr or will The monthly payments go up but still be spread across the 5 years ??
Your IVA won't finish early unless you pay all of your original debt plus fees and possible statutory interest. Pay rises are usually dealt with at your annual review and only a percentage is taken.
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.
You generally only "lose" around 50% of extra income to the IVA in increased payments due to a pay rise and often a little less than half for ino due to overtime or bonus payments. This is all detailed in the proposal document.
The arrangement will only finish early if you agree a full and final offer ( lump sum to cover future agreed payments from friends or family) or, if you manage to pay, as Kallis mentions, the full original debt, plus fees and possible statutory interest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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