Firstly can I just say what a wonderful jobs the experts have been doing...I've been a "silent member" and have really been helped out in tough times through the motivation of everyone...mines a bit of a strange one really:
I am in month 25/66 and have landed a new job. My wage will increase from 1200 to 1350. I will be selling my car as I now have a company car so total per moth Iva contribution i can see being around 700-800.
My question is as my payment at the moment is 200 and this is a dramatic increase does firstly my Iva get paid off quicker...and secondly am I paying off the unsecured borrowing amount or the total Iva contribution?!
I have contacted my supervisor however he doesn't really explain well and I have posted my I+E form
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Hi Azn85.
Basically, you will always owe the full amount of your debt plus fees throughout the term of your IVA. So, if with the increase in monthly contributions you manage to pay back 100p in the pound plus fees and possible interest then your IVA will conclude early.
That's quite a leap in payments, should put a smile on your creditors faces. Just make sure that in your latest I&E you have accounted for any increases in expenditure.
Hi and welcome from me as well. Totally agree with all that Judo has put.
If you can it off early that would be a real bonus!
Congratulations on the new job.
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
If you're increasing your payments by that much then there is a very good chance that you will be able to pay back 100p in the pound plus the fees and possible statutory interest. You should hopefully be able to finish the IVA early.
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
Aww thanks for the replies...I've certainly learnt my lesson...just want it all to be over... When going to shops I get satisfaction paying cash now....it's a really strange feeling!
Don't forget to take into account the fact that you will pay additional income tax on your company car so your take home pay will reduce because of that.
Hi and congrats on the new job! Lovely not to have to worry about a car too...significantly reduces the chances of the iva going squiffy! As the others have said, you will repay as much of your debts and fees as possible in the term of your iva and if you pay everything early then your iva will finish early. x
