We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
IVA changes
gwarnock88
Posts: 1 Newbie
in IVA & DRO
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.
0
Comments
-
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.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards