Good afternoon. I'm in my final year of my 6 year iva and looks like I might pay more into than forecasted due to annual bonuses paid each year, Will my iva continue to the final payment date in August or be terminated months earlier due to this ?
If you can pay 100p in the pound plus fees and possible statutory interest it will - otherwise it will carry on until the end.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As Kallis says -- the contractual payments will not be reduced by extra payments unless you reach 100% of the original debt plus fees and possible stautory interest. Until then the extra money means the creditors get more of their debt repaid.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
