100p in pound

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BlueShoes

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Post by BlueShoes » Mon Jul 28, 2008 9:19 pm
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If our salaries continue to increase we may well find ourselves in the position of paying back 100 p in the £. If that is the case, do we keep any extra money each month, or do we make overpayments to finish the IVA earlier?

If we cannot raise a minimum of £10,000 equity in our house in year 4, we have a clause which states we have to pay back for a sixth year. What would happen to these payments?

Could all be wishful thinking of course!

Blue
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Lisa2009

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Post by Lisa2009 » Mon Jul 28, 2008 9:36 pm
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If your wage increases mean that you are able to pay back 100p/£ plus stat interest (8%) and fees to date then your IVA should end there.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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MelanieGiles

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Post by MelanieGiles » Mon Jul 28, 2008 10:10 pm
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It will be fantastic if you can eventually pay your creditors back in full, and of course the IVA will conclude when this happens. I guess the sooner it happens the better at the end of the day.
Regards, Melanie Giles, Insolvency Practitioner
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