www.iva.co.uk

Hi everyone, hope you are all well.
As the 4th year remortgage is closing in for a lot of people, we wonder if you could clarify something for us.

We will more than likely be in the same position as most and will be unable to remortgage and have to pay in for a further 12 months.

Is this all we have to pay or is this then subject to a final review with regards to any extra overtime worked in this year?

We have looked over our paperwork already but it just states the extra 12 months at the same amount as the final year.

From what I know (not much - still learning!!) you have a review at the end of the 5 years to see if there's anything to hand over, then payments are set for the additional 12 months.

I would imagine that the whole time you are in an IVA you have to pay a share of OT but I am no expert

Hope I haven't confused this one,my question is with regards to the end of the extra years payment (6th).

Hi BOT - hope you are well.

At the end of the 6th year I believe there will be a final check to make sure you've earned nothing extra during that year that might need to hand over.

Thanks for all your help [:)]

My understanding is the additional 6th year is still under the same conditions as years 1-5 and therefore any additional income needs to be reported in and paid across etc.

Only when you have reached 100% of your debts, IP fees and possible statutory interest will your IVA end any earlier than the 6th year.