do increased payments mean debt cleared earlier ?

[jamie.rb]

Good Evening,

I am wondering if anyone can help, I am currently going through an iva which i started in August 2006, the problem is i started it with my ex partner as it's a joint one, we are now seperated but still pay our % into freeman jones every month.
Since i started i have recieved a pay rise and it means i have to increase my payments to over £200 a month, how does this stand because the more i pay in does this mean the debt will be clear before 5 years.

Many Thanks

Jamie

[Viki.W]

Hey Jamie, welcome to the forum. The only way your IVA will finish early is if you repay the original debt plus fees and interest. If you want to post a few more details regarding your debt then the experts can help. X

[MelanieGiles]

If you can afford to pay higher payments, then your creditors will get a higher dividend ultimately which has to be a good thing all round. As Viki has already stated, you will only be able to end the IVA earlier if you manage to pay the debts and costs in full.

[plasticdaft]

Surely your expenses have gone up in that time also,so you may be able to offset some of your pay rise against cost of living increases.