can the amount I pay back in IVA change

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CarlM1975

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Post by CarlM1975 » Fri Mar 07, 2008 10:41 am
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I am currently going through an IVA application. I was wondering whether or not if my income changes for any reason whether once signed the amount I pay back can change. Also do I supply any documents (like bank statements) during the IVA that shows outgoings etc?
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size5

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Post by size5 » Fri Mar 07, 2008 10:47 am
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The short answer is yes, to both points.

An IVA is a vehicle to help with debt problems whereby creditors agree to POTENTIALLY write off debt. If your circumstances change and you can afford to pay more, or even to pay 100% of the debt back then it is only fair and reasonable to do so.
There will be a regular review, usually annually, where any changes in circumstances can be assessed, but you would also be expected to notify your IP as soon as possible of any major changes in circumstances.

Hope that helps.
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hymers

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Post by hymers » Fri Mar 07, 2008 11:49 am
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if your circumstances change eg you earn say an extra £100 a month at your review you company will usually ask you for 50% of this and add this to your new monthly repayment figure

also usually there will be a clause so any overtime bonus etc not accounted for you will need usually to send 50% on a monthly basis check the wording of your contract carefully this will tell you
good luck

good luck
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