www.iva.co.uk

Just a quick question if I may .
I started my IVA in dec 2010 so are looking forward to its finish soon .
Never missed a payment , paid in windfalls of redundancy and all OT required so to be honest I will be glad to see the back of it !
All that said , I did inherit a share of the home I live in but releasing equity was not possible so an agreed 12 months further payments was agreed upon.
My question is simple , would these extra 12 months be treated the same as in I also have to pay the extra 50% for overtime etc and any windfalls received or is it just a case of 12 straight payments (which really are a bonus for them ) and job done ?

This does depend on what was agreed at the extension. It is impossible to guess so you really need to ask your own IP.

Hi dok, it does depend on your IP and whether they will look to do a review at the end of the 12 month extension. Best to keep 50% of your overtime back just in case it is asked for at the end. If it's not needed then you will have a nice bit of savings behind you. If you flag this up to your IP now they may actively look into this so I would keep your head down and see what happens!

Many thanks for the replies both . I use a bank transfer every month to pay anything due on top of my monthly amount so I wouldn't have any problem keeping on top of it for another 12 months . I were just interested as it was not something worked into the original contract . Time will tell I guess as I expect my 12 month review in November .

Thanks again

Any extra money needs to be paid within 14 days of receipt so given that your IP has not requested anything from you during the extra year hopefully it will not be needed.