www.iva.co.uk

hi, my iva is due to finish on 1st nov 2011,but in my final review my ip said they need to extend it for 6 months due to having to pay back additional income ie overtime,as a result i now phone my ip every pay day to let them know how much ive earned, my question is after 1st nov am i still required to pay half of overtime earned as after that date officially my iva is over

Hi,

You will still have to pay back any extra you earn until the IVA is completed - you always owe 100p in the pound until then.

Bryan - your IVA wont finish until you have the completion certificate - which mean income /windfall etc with be subject to your IVA conditions as stated in your proposal

My understanding is the same as Ginger and Kallis. until you get a completion certificate you will always owe £1.00 in the £1.00. It is the same as if you had a windfall in that period you could use it to offer a F&F settlememnt, or at least have to pay some of it over into the IVA pot

Hi Bryan - I can understand why it feels that technically your IVa would be "over" at 1 Nov 2011 but that was the projected end date. If it has to be extended to recoup additional income earned then your IVa is being extended not just the payment term. Don't worry it will not be a moving goal post though - it won't keep being extended if you pay back what was agreed!

Regards,

thanks for advice i just keep goin the day will soon come

You're so close now! That's amazing...keep going xx