As Pandy succinctly explains yes it could go up but you should never find yourself paying in more than you can afford. If you find that is happening speak to your IP asap.
I hope you are only at initial stages with your IVA as the company helping you should have explained all this to you already.
We're all here to help but ensure you are clear with everything from your IP too as they specific answers on the finer detail of your own proposal.
Keep us posted how you get on
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Whilst in your IVA you always owe the full amount of your debts and your IP fees - however your IVA sets out an agreement with a minimum that will be paid back over the time of the IVA. Bonuses, Overtime and windfalls will all go towards paying back over your minimum amount set and will benefit your creditors.
You will never pay back more than your 100% original debt, IP fees and poss stat interest!
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Hi
An IVA is an agreement to pay back as much as you can reasonably afford so the dividend that you pay back can change.
Payment levels are not set in stone but usually remain the same for twelve months and are then reviewed.
Regards
Hi - as Andy says, we agree to repay as much as we can afford and the % is only an estimate. Some people end up paying more than they expected and some pay back less...it all depends on how our circumstances change over the course of the iva. Why have you been asked to pay more? Do you feel it is fair? x
