if i am accepted for an iva will the debt figure created be official and that will be all i have to pay over 5 years ..... if so will i be able to pay it off early by increased payments if my income increases during the 5 years or will the debt increase in line with my pay increase
your paymets would increase in line with your income and expenditure. If you received overtime or bonuses etc you would be expected to pay in some of this to your IVA.
Your IVA is agreed over a 5yr period at a minimum pence in the pound. If you are able to pay more then you would do so upto 100p in the pound, plus IP fees and statutory interest....if you can pay this back before the end of the 5yrs then your IVA will end, otherwise you would continue paying for the 5yr period.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Statutory interest is only payable if it is stated to be included in your IVA proposal. Most proposals these days do not include statutory interest.
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.
