Brief question about IVA

mrelephant_2

When you enter an IVA at an arranged repayment, does this repayment remain the same over the term of the IVA? or is your income/outgoing expenditure re-assesed every so often and the re-payment figure re-calculated?

For example:

As and when your wage goes up, or outgoings reduce, for example if paying child maintenance at time of taking out IVA comes to and end 2yrs down the line, are you then expected to use this to increase your IVA repayments?.

Can anyone with IVA experience please advise

angelstar25

hi,
I don't have iva experience but I've been recmmended an iva for my debt from payplan, and they told me that my iva would be set at £200 a month and for the record £200 is the minumum payment for an iva, but they have also told me that if I do overtime that the creditors can request a token payment towards my debts , but it wouldn't be a great deal.
good luck

donnalove

yes you will have a reassesment every year or 6 months if your child maintanance comes to an end then yes you would be expected to pay this sum into the iva, normally you have to pay a percentage of any overtime or bonus if that is put into the modifications

Hitme

I've been told 50% of any bonuses and overtime would be paid to creditors. Any significant increase in pay of around 3-4K then they would look to raise my payments ( it's not worth the IP's hassle and time below this amount). Of course there is NO leeway to decrease your payments, you can try but the creditors do not have to except then in this case the IP would be forced to make you bankrupt.
I believe you will need to send proof of income each year to the IP.

£200 seems like it could well be the minimun as the IP's fees will take half of this leaving not a lot to go to the creditors with.

Addicted2Chocolate

It entirley depends on the terms of the IVA as stated in the 'proposal' or any agreed modifications required by the creditors. Its is not the same for everyone. Though most IVA proposals have a clause that income and outgoings will be reviewed and debtor must notify the supervisor of any increase in salary or windfall.