www.iva.co.uk

Afternoon All

I was just wondering if i ended up paying 100p does that mean that i would not have to pay 50% of anything extra that i earn into the IVA and does it mean that i have a chance if finishing early?

Hi Sarah

Don't forget you got your IP fees on top as well and these could be anything between £3,500-£8,000.

But if you paid 100p/£ then i would say you would finish your iva early.

Though it is my opinion and i'm not an expert but i'm sure some-one will be along shortly and answer you correctly

Keith

The long and winding road will straighten out eventually....keep the faith

Hi
That is a very good question and I would think that Keiths answer is correct in that you will just finish your IVA earlier.Do check this with your IP.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi Sarah

I'm in the position now of paying 100p in the pound including all IP fees due to a pay rise. My IP has written to me to confirm this and that when the amount has been paid back in full they will advise me and end my IVA as I think with the amount I am paying over the next 4 years I am well over this and they have agreed this in writing. I'm not sure about any other payments but I would guess that you will still need to pay 50% and this may mean an earlier end to your IVA
Hope that helps

Yes you will still need to pay over 50% of increased earnings as this is a term of your IVA. The advantage of doing this is that you will conclude your IVA even earlier, so that has to be a good thing.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

But do watch out for any potential statutory interest if any excess funds arise!

Good Luck

Ray