It seems like ages since I last posted - and, indeed, it is!!
Well, we have just had our first year review and everything is fine.
We have made our payments (well over £9k in a year) - and had two I&E reviews - in that time and am looking forward to the next four years flying by like the last.
I do have a question though. We are expecting my husband to get promoted in the middle of 2010. With that, we are expecting an £8k payrise.
I would like to know how this is treated. Obviously over the course of the following three-and-a-half years, it would mean our payments would increase our contributions by nearly an extra £10k.
We are both already paying back 98p in the £ and 91p in the £ - so we want to know what other people's experience/ advice would be in this instance.
Is it likely our IP will reduce the IVA term by a year?
Thats great news on the promotion and well done on your first year. I would have thought that the salary increase will need to be paid into the IVA. £8k probably translates to about £380 a month (after tax 40% and pension, etc). However, as you have such a high original dividend this may enable you to pay of the IVA before its scheduled term.
I think that you can never pay more than the 100% original debt + IP fees.
The salary increase will need to be paid across, but as swardean says, this should enable you to pay back 100p in the pound (plus expenses) and if this happens, then your IVA will conclude earlier.
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
