Due to redundancy and finding a job with lower pay my IVA was extended for twelve months.Only a couple of months later i received a payrise and was able to pay the original monthly payment. This now means i will be able to pay the 50 % dividend i originally agreed by the five year period.
I am reaching my 4 th Year review and wanted to ask the experts their opinion on me requesting to finish on the original 5th year.
No - the IVA has been varied to take in a further year. So unless it is varied back again - and creditors are unlikely to accept this - then I am afraid you are stuck with the additional year.
You will always owe the full amount until the completion of your IVA, so if you have an extra 12 months agreed, it will mean that you can pay back more to your creditors.
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
