If I was to take a new job with a far higher rate of pay, what would happen? Would we need to have the whole IVA reassessed? What if the amount I earned meant that I would earn enough to pay the amount that was originally owed? Would we continue the IVA paying 100p/£?
You'd have to do a new I&E and some of the money would have to be paid. Your IVA would continue until either the end or until you have paid off your creditors 100p in the pound plus your IP fees.
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
Your I+E will be reassessed and any increased disposable income will be payed across into the IVA - the IVA will continue, with the creditors getting more money - it would not stop early unless the whole debt+fees etc are paid
Have a look at your proposal as you may be entitled to keep 50% of the net benefit. And you may not need to increase your contributions until after your annual review. Good luck on getting the job x
