Page 1 of 1
Posted: Wed Sep 30, 2009 7:33 pm
by aragorn
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.
Many Thanks.
Posted: Wed Sep 30, 2009 7:49 pm
by Julie
Hi - I would say, if you reach the original amount agreed in then the IVA completes at year 5.
Wonder what others think?
Posted: Thu Oct 01, 2009 2:18 am
by MelanieGiles
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.
Posted: Thu Oct 01, 2009 11:35 am
by kallis3
Agree with Melanie.
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.
Posted: Thu Oct 01, 2009 4:34 pm
by aragorn
Thanks for the advice.What a shame on the timings, still i am getting there!.
Posted: Thu Oct 01, 2009 6:32 pm
by Julie
...and I've learnt something too.[;)]
Good luck with the rest of your IVA aragorn xx