iva

richy12

I have been on a iva for 2years now paying £245 a month off a £32000 debt.
Since this time i have not been contacted by my ip..I am with a company called moneydebtandcredit! i will b debt free on 04/05/2013.My question is should i contact them or just leave things be,as my finances have got better not by much,
But i am scared that if i contact them they will take more money off me..reading some forums people get contacted every 3 to 6 months.
which makes me wonder weather moneydebtandcredit are a good company to be with!
does enyone know if this is a good thing or bad thing?Or has anyone finished an iva?

Charco_2

I assume you mean a £32,000 debt!

You should probably get in touch with them now and again. Generally if your income goes up, your IP/Creditprs are only interested half of the increase but even then you can offset this with an increase in outgoings ("i got a promotion and now earn £50 more a month but i am expected to wear more professional clothing" or something like that!)

The reason they generally only ask for half of your increase or half your overtime is because otherwise there is no incentive for you to work harder! BUT check your terms and conditions first...

richy12

thanks charco!
yer your right they want 50% of any overtime or bonuses, could lose it somewhere else good idea!
i just think if there happy with the payment and have not got contact with me i should just leave things as they are..prob wrong! but its nice to have the extra money..or do you think this will come back and bite me?

Charco_2

If they haven't come to speak to you about it, they can hardly kick up a fuss. They really should be earning their supervision fees by supervising! (looking for your pay slips every few months - or at least annually)

Try to hold some of the money back and if they come looking for it at least you'll have something to offer - if they dont come looking, enjoy your savings (dont put it in the bank!)

richy12

cheers! nice 1 charco.. i shall let you know how things go...hopefully in 2013 when its over..lol..thanks again