IVA advice

liamd1994

Hi,

I entered in to an IVA with credit fix a few years ago, I have 16 months remaining. Looking back on it now, I don't feel that I really understood what I was getting myself in to, I was young and financially immature back then. 

I'm now in a much better paying job and easily keeping up with the monthly contributions of £432, the members portal says that I have paid to date £16010.95 of £22322.95, meaning that I have £6312 remaining to pay. I have my I/E review tomorrow which no doubt will increase the required monthly contribution.

My question is, if I was to pay an additional amount per month in to the IVA, would that allow me to complete it earlier? 

Thanks,

sourcrates

With an IVA, if your circumstances change for the better, then you would be expected to repay more of what you owe, along with all the fee`s and charges associated with your IVA.

Fee`s alone can be around the 6k mark (they are charged on top of what your balance may say you currently owe).

You can`t pay more per month to repay early, as IVA`s run for specific periods of time, you could end it early by paying all of the above, inc fee`s and other charges, but otherwise the term stays the same, and you pay more for the benefit of your creditors.