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Is there an agreed total amount that you have to pay back or do you keep paing for 5 years how ever much you can afford. What happeneds if for instance i get a big bonus from work or someone passes away and i get left some money what would i have to do then?

Hi Sally and welcome to the forum. I presume your question relates to how much you pay in an IVA?

The minimum return that creditors will generally accept is 25p in the pound, but the idea of an IVA is that you pay as much as you can afford to your creditors.

If you were to receive a bonus at work you would normally have to pay 50% into the IVA, and the rest would be yours to keep. However, that would depend on the conditions of your IVA so you would need to check.

Regarding a windfall - most IVA's contain a clause that the whole of a windfall must be paid into the IVA, up to the total amount of your original debt, and in some cases including statutory interest at 8% per annum, although again this would depend on the modifications in your IVA. Anything left over after the full debt had been paid would be yours to keep.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Yes - I agree with Skippy's advice. Just to confirm that an IVA Supervisor will generally look at your income and expenditure once per year to see if you can afford to pay more. I have to say that this actually happens in less than 5% of my cases, as the cost of living also increases at the same rate as pay rises generally.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk