As far as i am aware - no. The extra payments would increase the dividend to the creditors. I suspect that any additional moneys you earn above the amount dislcosed in your proposal would be covered by an overtime clause in the IVA or an additional income clause in the court papers.
The only way to end the IVA early would be to make an acceptable full and final offer or to have enought money to pay off all the debts and fees (plus statutory interest at 8%).
I have made some extra payments and view it as an opportunity to be in a position that if something terrible happens down the line, there is a chance that the IVA can be concluded favourably without the need for bankruptcy etc.
Hope this helps - one of the experts will be along to clarify where appropriate soon!
You wont finish your IVA earlier by paying extra. When we started our IVA with DFD they told us this was the case, but when I questioned it after starting the IVA, I was told that is not true.
the only other way to end the iva early, is that if you pay that much extra it covers 100% of the debt plus stuatory interest and ips fees, as once you have paid enough to cover these they cant take any more money of you
I believe the statutory interest no longer applies, so it is just 100p in the pound plus the IP's fees.
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
Thats good to hear (even if its really unlikey that i'll find the winning lottery numbers or a suitcase stuffed full of £50 notes lying in the street). 8% interest is a little steep, even before the interest rate was attacked with a large pair of scissors!
We've got the winning numbers for tonights Euro Millions!
I will read all begging posts tomorrow![:D][:D][:D]
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
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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
