IVA Payment Question

boblardo

Hi

Wonder if anyone is able to offer some advice

My wife has returned to work and as a result we expect our payments to go up as we now have a larger surplus.

Is there a maximum payment we can make for example if we owed £50K over 6 years and we have already paid back £20K, over the last three years do we only pay back the remaining £30K + Fees over the next three years?

National_Debtline

Hi boblardo


You could be asked to pay anything up to 100% of the original amount owed, plus backdated interest, not to mention the supervisor's fees, if you end up having the means to do so. The IVA proposal will normally stipulate a minimum dividend to be paid to creditors, but not a maximum.


In this particular case, I'm not sure whether the quoted figure of £50K reflects the true level of debt or simply a reduced figure you were initially due to repay through the IVA.


Dennis
@natdebtline

boblardo

Thanks for the reply, the £50k figure was used as an example the actual figure is £55K

I do wonder the point of increasing your income if the IVA are likely to take all the surplus!