www.iva.co.uk

Hi All I am entering year 3 of my IVA.. I have never missed a payment and have always communicated promptly when required to. However I am currently having a few issues with my IVA provider. I have started earning performance related bonus each month (Probably wont last) However my IP has said that I need to pay them 50% of anything earned over our combined monthly income. OK so for arguments sake I earn my full potential bonus each month and pay them the required 50% that means I will be overpaying my original debt amount not the amount agreed to pay by over 10K ??? Can they actually do this?

I think I have answered this on another post Charlotte. You seem to be suprised about needing to pay over the additional funds - yet this must be an integral part of your IVA. Was this properly explained to you at the outset?

Mel, could you dig up that previous post you mention. This does not seem right at all - If Charlotte, with PRP that she or the IP would not have known about at proposal, managed to pay the full 100% of debt + the IPs fees, which in this instance seem TOO much. I dont think this would have been explained at the outset because as stated Charlotte's PRP would not have existed.

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=49242

maybe within this one. Charlotte's posts all relate to the one posting by the look of it and I hope that all responses have helped her.

I am sure that Charlotte's PRP is amply covered by the uplift clauses in her IVA proposal - but perhaps she can confirm this.

I would imagine that once the full amount of debt owed and fees covered are paid off then the IVA would close, you always owe this despite what was agreed to be repaid at the start of the IVA so if you come into a ;position where you can repay more then you have to, but you will never pay more than what you originally owed plus fees