IVA, new job and pay increase

Anondebtadvisor

"On a credit search, it would show as a solution, there wouldn’t be any specifics. You do not need to declare that you’re in the IVA, however you do need to tell them if the ask you directly."

Unfortunately this is not correct.... an IVA does show on the credit file under the public information.

If you can pay 100% of your debt back and the IP fees the IVA will conclude early

UpToMyNeckInIt

Hi FS: Like you say, nothing generic in my contract either about what happens when you reach 100% + fees (not likely to affect me either, so did not see consider it a priority to ask).

It is mentioned specifically in the equity release clause though. Ie: that any remortgage will be limited to 85% LTV or up to a lesser amount sufficient to repay my original debt in full + IP 'fees'. Designed I guess for customers with significant equity.

But the question has been asked many times on another forum where IVA customers have had unexpected windfalls. In ALL cases it has been answered by IP's who UNANIMOUSLY state that all you owe is your original debt, + their fee (not forgetting the 11% of 'additional realisations' over and above what you originally pledge of course).

This seems to have also been the case with the OP's advice from their IP. (Personally, I would always want an verification from my IP, NOT a case worker. Depends how good the case worker is I suppose: With my IVA firm they are 'variable to inconsistent' to put it politely).

I rather suspect therefore, that this quite logical 'condition' is buried somewhere in the appendices of the IVA Protocol. Shame IP's are not allowed to openly post here to put such 'scare stories' to bed.

Following your line of thinking: Against my £35,000 debt for example. If I won £500,000 on the lottery, I have to pay it all in, and continue my £275pcm IVA to its conclusion in 3.5 Year's time?

...I suppose I would have to attempt equity release as well?

Of course not.

Besides, the anti-IVA brigade would delight in telling us if this were the case.

Indeed, if this was to be the case, I would merely let my IVA fail, and pay off each creditor directly. No IVA company wants that to happen, because it costs them money.

Foxy-Stoat_3

Hadn't occurred to me about lottery wins.....future looks good for the OP then !!!

Excellent!!