IVA changes

gwarnock88

I have been in my IVA for near 2.5 years now and with my job there is overtime that I don’t have the luxury of not working. My years review has been complete and they say due to this I can afford a substantial increase in my monthly payments based on 3 months throughout the year my wage being slightly more than normal. I’m outgoings having decreased if anything they have increased due to the cost of living and fuel. I have also asked with this increase will it being the term to and end quicker which they say no. I was under the impression that my amount to pay back would be a fixed amount for a fixed term. Any help advice would be greatly appreciated.

sourcrates

No unfortunatly not, nothing is fixed in an IVA, if your circumstances change for the better, then you pay more back to your creditors, up to 100% of the original debt, plus your fee`s.

How much did you owe originally ?

If the increase is not sustainable, have a word with your IP.