A reader asked about a friend who is looking at an Individual Voluntary Arrangement (IVA):
Mr X is 23 and owes just over 10k on various credit cards and loans. He earns £20k and hopes to get a £10k bonus this year. The IVA firm says the bonus doesn’t matter as it’s not guaranteed. But won’t the IVA take half of it? Would it be better if he got a job with a larger basic salary and no bonus, or would they just take more of that?
Let’s start by looking at the facts about how bonuses, overtime and payrises affect an IVA.
That leads to more questions – is an IVA really a good option for Mr X? And has Mr X had proper debt advice?
Contents
Bonuses, commission and overtime in an IVA
If a bonus isn’t guaranteed, it isn’t taken into account when your IVA monthly payment is set. But you then have to pay in more when you do get a bonus.
IVAs don’t always have the same clauses – that is why they are called “individual”. But the large majority of IVAs use very similar terms for bonuses. Here is the clause from the 2021 IVA protocol:
you must report any overtime, bonus, commission or similar to the supervisor if this is not included in your original calculation and the amount exceeds 10% of your normal take home pay. Disclosure to the supervisor must be made within 14 days of receipt and 50% of the additional amount (over and above the 10% referred to above) shall be paid to the supervisor within 14 days of the disclosure.
So the reader was roughly right when he said that half of any bonus has to be paid into the IVA.
Not telling your IVA firm is a breach of your IVA contract and it may fail. If you have just forgotten and spent the money, the IVA firm may extend your IVA for more months so the extra can be paid. This may make your 5 or 6 year IVA much longer.
Pay rises in an IVA
If you get a large pay increase, your monthly IVA payments are likely to go up for the rest of your IVA.
How much of your extra income you have to pay to the IVA depends on your IVA terms, but a half has been common and from August 2021 new IVAs that use the standard protocol will say:
You will be required to increase your monthly contribution by 50% of any increase in disposable income one month following [your annual review].
So it makes little difference to what you pay into the IVA if you get a regular bonus each year or your pay goes up by that amount.
It is the increase in your disposable income that matters. A small pay increase “for the cost of living” would often be ignored.
And you may have extra larger costs. Perhaps you have a new job where your commute is more expensive or your hours are different so you have to pay more in child care. All these should be taken into account when calculating how much more money you really have because of the pay increase.
Your IVA won’t end earlier if you pay more
A lot of people go into an IVA thinking that the numbers they have been told at the start are fixed.
For example, if your proposed IVA says you have to pay £120 a month for 5 years, that would mean you pay £7,200 in total over 5 years.
You may think if you pay an extra £1,200 into your IVA because of you have been doing overtime, then you will get to the “£7,200 paid in” point 10 months sooner, so your IVA will end earlier.
That is wrong.
Your IVA will only end early if you have repaid all your debts in full plus the IVA firm’s fees. As a very rough rule of thumb, the IVA fees are likely to be £3,500 or more.
(For IVA starting before 1 August 2021, some people will also have to pay 8% interest per annum on the debt total as well.)
Most people who pay more don’t repay all their debts plus the IVA fees. So for them the extra money just goes into the IVA. The IVA doesn’t finish sooner. And paying in these extra amounts doesn’t mean you pay less later on.
But Mr X doesn’t need an IVA at all!
Mr X’s bonuses are expected to be very large compared to his debts, so if he starts an IVA he will be one of the few people who does pay it all off early.
But even when an IVA is completed early, it still stays on your credit record for 6 years. So for 6 years, Mr X would find it very hard to get a new private tenancy unless he has a guarantor. And very expensive to buy a car on finance.
And when the IVA has gone from his credit record he will still have to declare he had one on a mortgage application as an IVA is a form of insolvency, same as bankruptcy.
For a 23 year old, these are serious problems. If his debt was unmanageable and he had assets to protect, then an IVA would be worth it.
But an IVA has no advantages for him that seem worth paying the IVA fees for – he won’t actually get any debt written off at all.
His better options depend on whether he can afford the minimum monthly payments.
Snowballing if he can pay the monthly payments
If Mr X can afford the monthly payments, then his best option is “snowballing“. Here he carries on paying the normal monthly payments and when he gets a bonus he clear a large chunk of his most expensive debt. Then his monthly payments will drop, and his next year’s bonus should clear the rest of the debt.
He will have paid some interest this way – but it looks likely to be less than the IVA fees, He will also have avoid having insolvency on his credit record, which will end up looking good much sooner.
A Debt Management Plan (DMP) if he can’t
If the monthly payments are too large, then a DMP is a good way forward.
In a DMP, he could make one affordable payment each month. When he gets a large bonus, he can pay more in. Again his debt will be cleared in only a couple of years.
Interest is normally frozen in a DMP, but this isn’t guaranteed. But as with snowballing, any interest would be lower than the IVA fees.
A DMP does harm his credit record, but much less than having insolvency such as an IVA does.
Some firms charge fees for running a DMP. But StepChange don’t, so Mr X should talk to them.
It’s vital to get good advice about an IVA
So why didn’t the IVA firm explain to Mr X how much of his future bonuses he would have to pay in? And why didn’t they point out that he has a better option than an IVA?
It sounds as though they are only interested in the fees they will get from an IVA, not giving good debt advice.
Mr X didn’t need a form of insolvency at all – but good advice is just as important if you do have unmanageable debt.
Too many people are signed up to an IVA when they have no assets at all to protect and a Debt Relief Order or bankruptcy would have been more suitable.
So if you are thinking about an IVA, I suggest you talk to an adviser from a free-sector firm that doesn’t provide IVAs. Go to your local Citizens Advice or phone National Debtline on 0808 808 4000. They can explain the pros and cons of all your possible debt options. And if an IVA is right for you, they will suggest who to talk to.
Adrian says
I having being paying into an IVA fir a year to date, I have declared all my overtime each month , however I have just found out as a critical care worker I did not have to declare these payments over Covid . I have emailed my IVA supervisor of this, can I claim a refund of the additional payments I made into my IVA of overtime I earned .
Sara (Debt Camel) says
Yes I think you can. Or you could ask fir the next years payments to be reduced. Ask your supervisor why you were not informed if the COVID-19 provisions.
Adrian says
Thank you Sara for your prompt reply, I have paid at least and extra £1000 into my UVA from overtime I have had to work due to Excessive staff shortages . I have requested a refund for-the period in question , as I believe it has now stopped from 1st August 21. I have also asked them why was I not previously informed of the Covid 19 provision. I will update you on progress. Adrian
Kel says
I think I was mis sold my Iva 3 years ago , I was renting my debt was 10k and had no assets , I felt pressured into it and was also told to lie about my finances , at the time I was just grateful to get creditors off my back , I also was not explained about how an Iva works the fees etc, is there any way I can complain , at the moment I’ve stopped paying as I’m thinking about entering a DRO ?
Sara (Debt Camel) says
How much have you been paying a month?
Have you talked to a debt adviser about whether you will qualify NOW for a DRO? That is really important for you to know. If you haven’t, phone National Debtline tomorrow on 0808 808 4000.
Paul Humphries says
Hi
I am currently 3 payments away from finishing my 5 year IVA, Ive had 3 annual reviews and may payments havent increased as may wages have only increased 2/3 percent each year, it just so happens that my next pay day in a few days i have received a large pay rise 11 percent due to cost of living, and octobers pay will include backdated pay from june, do i need to tell my supervisor about this now or wait to my final review? as litrally only the the last 3 months of my IVA ive got this extra money, but with cost of living, it evens out
Sara (Debt Camel) says
I suggest you tell them now and also explain that because your expenses have gone up you are no better off.
Kane says
Dear Sara, please can you advise.
I am 18 months into a 4 year IVA.
I have 0 assets!
Being non the wiser I listened to their sales speech explaining I can add a little here and there to knock the total value down ect ect (I was the IVA persons dream customer haha).
Change of circumstances lead to me getting new employment (already told IVA about change) and I am getting paid much more money and unintentionally getting lots of over time in due to the nature of my job.
When it came to a recent review, they explained they will take a percentage from my wage. I had to pay up a very large portion of my over time money.
I thought this would knock down the total value of the Iva but this is not the case. They’ve added on to the total value. So each time I’m getting paid plus over time, my total value of IVA debt is increasing and increasing and increasing. And soon the IVA won’t be worth it because I’ll be forever paying this off.
I did think exactly what they told me was that it’s only £12k for 4 years and that’s all DONE and the remaining 28,000 would be wiped off.
Please can you help me because I have 0 assets.
I can afford £200 per month for the IVA but I am in need of searching for a place to rent… because of my IVA all landlords won’t speak to me unless I can provide 6 months rent upfront and 1 month rent deposit. Which is almost £7000 before I can even do anything.
I was told the IVA would help me get a mortgage in the future quicker than a DMP.
Sara (Debt Camel) says
this is a 4 year IVA? That sounds very unusual? Who is the IVA firm?
If you earn more, then yes, your IVA payments will go up. Some people in the end get little or no money written off.
But if your expenses go up, then your IVA payments should be reduced.
Are you currently renting or living at home and you need to move out?
Kane says
Thanks for the fast reply! The Iva is with CreditFix.
Yes, I was told to make payments of £200 per month for the next 4 years and everything else would be written off.
Does that mean that’s not the case?
I had been removed from the Army because of being in too much debt which forced me to rent at my parents house and need to move out. Thank you
Sara (Debt Camel) says
It is VERY unusual for an IVA to be 4 years and not 5. You might want to check up on that.
It is absolutely normal for your IVA payments to go up when you earn more or work overtime and many people do not get a big write off at the end of the IVA because of this as much more has been repaid than they expected.
You could talk to the RBL about your problem in getting a rental deposit together https://www.britishlegion.org.uk/get-support/financial-and-employment-support/finance
Nicky says
Hi, my husband and i have been in an IVA for 4 years, 2 years to go! It is a noose around our necks, the harder we work the more they take. We are now paying £750 per month! Original debt was £29k
Im not sure why they made it 6 years, we have no assetts
Any advice, we are desperate to get out
Sara (Debt Camel) says
Are the current payments affordable?
Ella says
I currently pay £140( approx) per month on a debt settled by an IVA to the sum of £11239 I have approx £6000 left to pay but my new job will see me earn an extra £20,000 per year.
What happens to the extra £20k
Sara (Debt Camel) says
to the sum of £11239
do you mean that was the total of debts going into your IVA?
I have approx £6000 left to pay
so you are about 18 months into a 5 year IVA?
Travis says
I’m currently in an IVA as of March this year and paying £110 per month towards it which is manageable.
I work in the NHS as a HCA band 3 and my take home pay is variable but normally around £1750 per month which is what my IVA take home pay is set at.
I am due to receive the pay award that has been nationally agreed and I will receive £1714.
I’ll have to pay 50% of it to my IVA as obviously it will be more then 10% of my monthly income.
My question is, would it be better to get it paid in instalments m?, which would be £171.50 per month, and I think it would fall under the 10% extra that I’m allowed to earn. Thanks.
Sara (Debt Camel) says
I think it would be best to be sure by asking your IVA firm this.
Shaun says
My iva finished last year, I received £1000 bonus 3yrs into my iva but was unaware I had to declare this, so now the iva company say I have to pay this back, why do i have to pay the full bonus, which I can’t afford with the cost of everything going up so much in the last year or so, I’ve told them this, so the iva won’t be completed until this is paid,
Sara (Debt Camel) says
How large were your IVA payments at the end? Were these affordable?
Who is the IVA firm and did they do annual reviews?
Shaun says
Debt movement, which was previously aperture and jarvis before that, payments were £70 a month which were affordable, was just surprised to be told I had to pay £1000 from a £1000 bonus I’d received 4yrs earlier during the iva
Sara (Debt Camel) says
Did Aperture not do an annual review when you were asked about this?
Shaun says
This was only mentioned at the end of my iva, I was told to complete the iva this money needed paid, I have the email that says I earned considerably more money in 2022, badly worded as it wasn’t 2022 at all it was probs 3 years earlier, and wasn’t considerably more, was £1000 more, which they want in full, it’s like they are ripping vulnerable people off and making profit for themselves, I could pay the money, but they may come back and say you owe this also or something else, I’m a single person with a mortgage that has gone up a lot, I pay for 2 children through csa also, trying to maintain a house that’s falling apart, the £1000 could be used better, my IVA is already over 6 years, these companies think they can demand what they want, or let the IVA remain not finished, like in my case, if I have to pay the £1000 I will, just asking the question tbh
Sara (Debt Camel) says
They have the right to ask for this – another unfair thing about IVAs.
But if you cannot afford to make the payments, you can ask for your IVA to be completed on the basis of the funds paid to date.
Shaun says
I wasn’t sure if they could or not, I will pay it then hopefully that will get things moving as its dragged on too long as it is
Cori says
My IVA is due to end in September this year. My monthly payments have been £100 and I had a couple of payment breaks a few years ago which extended me until November. I asked to pay it off early (help from parents) and offered all remaining months owed up until November. Then said I can pay £200 in August and £200 in September as I had payment breaks this would mean I can finish early than expected providing I pay the extra amount I owed. I am due to receive a back payment of carer element and disability element on universal credit around £2000 worth after the last payment date of my IVA. Do I need to tell them? Or does my IVA obligations end after the final payment is made?
Sara (Debt Camel) says
I am due to receive a back payment of carer element and disability element on universal credit around £2000 worth after the last payment date of my IVA.
After the last days you are paying in September? Or the last date the IVA would usually have ended in November?
Cori says
This is what I was told in email
“I spoke with my colleague on the payments team regarding this and although your final IVA payment is set to be November, as per the original proposal this was actually due to end in September but you previously used 2 payment breaks which extended your payments by these two months.
Because of this, if you would like to finish your IVA earlier, you can make your July, August & September payments and pay off the 2 payment breaks so the IVA would finish in September when it was supposed to originally end.
As discussed, once you have made your final monthly contribution you will have no further payments to make whilst we are in the process of completing & closing your IVA”
Sara (Debt Camel) says
As discussed, once you have made your final monthly contribution you will have no further payments to make whilst we are in the process of completing & closing your IVA”
Did you discuss whether this would apply to any windfall payments?
Cori says
We didn’t discuss no i didn’t think it would count as a windfall but more as earnings as it is just income I am owed in benefits. If it comes before September I will have to tell them and give them some I imagine but if my final date is September and that’s when the IVA is complete doesnt that mean anything after that date is not included? Or is it when you get the actual certificate? Because in that case an IVA isn’t actually 60 months as they agreed wouldn’t that be unfair?
Sara (Debt Camel) says
A lot about IVAs is unfair and I can’t guess what your IVA firm will decide here.
Cori says
My question is more simply put, after the last payment I have been told that’s the end of my IVA so is that the end of the terms I am subject to? Or is this after a certificate is received? I am sceptical to ask because if I receive the back payment after and mention it they may decide they are entitled to it but I am not sure legally if I am required to disclose as it is after my end date.
Does that make sense? Sorry I am just looking for some clarity.
Sara (Debt Camel) says
And I cannot give you clarity.
Your IVA ends when you have the completion certificate. Before that they MAY be a point after which your IVA firm will disregard and windfalls.
John says
Hi I’m currently in an Iva and I pay £100 per month, 5 months ago we had a pay increase so I basically had an increase in my pay of around £400 per month extra
I’m panicking now as I have to get in touch with my Iva advisor and tell them about the increase.. how much do you think I’m going to have to give them back !!
I’ve been really dumb with this
Sara (Debt Camel) says
This depends on what your IVA says… the increase is sometimes from your next annual review.
Also have your expenses also gone up?
Eddy says
Hi, I am wondering if anyone can help me with some clarity.
I have been on IVA since Sept 2019. For first 5 month I paid £100 per month and then since Feb 2020 £233 per month.
I was slow with annual reviews and completely admit my fault and recently after catching up with all reviews received ”additional monies due” letter which comes to £4281.38. Again, that’s ok, as I did have overtime/pay increase in the last few years.
my initial question: When have I paid enough to finish my IVA considering the following:
1) Total debt entering IVA was £12841
2) after 5 years I would have paid £13315 by monthly payments (already paid £10286 with 13 month left giving additional £3029)
3) On top of £13315 I have to pay ‘monies due’ £4281.38 so that would give total amount paid into IVA £17596.38.
That means i would have covered my dept. in full + £4755.38 paid in fees.
Is that not too much to pay in fees?
To me it really seems like a daylight robbery if I am honest.
Thank you in advance, Eddy
Sara (Debt Camel) says
did you get a large pay increase between Sep19 and Feb20?
Eddy says
Hi Sara,
Thank you.
Yes, I have had a pay rise.
As per my last annual review in August this year:
Total Balance received £10166.65 (my debt)
Statement of affairs creditor balance: £12841
Three of the creditors have the following status ‘Awaiting claim’ How come after 4 years into IVA?
Additional monies owed £4281.38
When I signed the IVA agreement the following costs (fees) were agreed to:
Nominee fee – £2000
Disbursements – £300
Supervisors Fee – £1350
Total: £3650
Summary:
If I would continue with my monthly payments + paid additional money owned I would have paid £17596.38 into my IVA.
As it stands total debt is £10166.55 or £12841 if those appear who have awaiting claim status.
If I understand everything correctly the total fees would add up to following:
£17596.38 – £10166.55 = £7429.83
£7429.83 paid in fees which is double the amount to what is mentioned in my contract.
In other words, it is 73% of total debt.
Also in my contract the following additional fees were mentioned when I started:
Where additional assets are to be released, the Supervisor will be entitled to 15% of those further realisations in addition to the total cost. Additional assets can include overtime, bonus, commission, PPI, windfalls, after acquired assets, but excludes any increases in regular income.
It says – excludes any increase in regular income hence my concern.
Many thanks.
Sara (Debt Camel) says
If you think you are being charged more fees than your IVA paperwork says, you should make a complaint to the IVA firm and ask them to review this.
Eddy says
Hi Sara,
Thank you.
I have put these numbers to them couple of days ago pointing out details in my contract and asked them to give me the detailed breakdown of how the fees are worked out.
2 days on and no reply yet… :)
Rimante Cmil says
Hey there
I’ve received email that I need to make additional payment of 314£ of my December payslip wich was 2246£ and its says if earn more that 1965 I have to make additional payment of 50% that sum so I only get 2246-1965=281:2=140.5£ I normally get around 2k this was bonus for December. My monthly payments are 314£. Could this be mistake?
Sara (Debt Camel) says
It sounds confused – phone your IVA firm up and ask this
Josie Smith says
Hello,
This is a really helpful page. Thank you.
I have two questions:
1. If I get a salary increase, will I need to pay 50% extra to my monthly payments? My living expenses have increased a lot but when I did my most recent annual review the IVA people said they already take into consideration the increase in cost in living.
2. I wasn’t able to afford my energy bills so I now have a huge e.on debt I need to pay back, I mentioned this to the IVA people but they didnt seem to care. Should they be taking this into consideration?
3. I wish I got a DRO and wondering if is should let my IVA fail – is there a way to check I will get accepted for the DRO before letting the IVA fail?
Thank you so much!
Sara (Debt Camel) says
What is your current IVA payment? How long ago did it start?
when I did my most recent annual review the IVA people said they already take into consideration the increase in cost in living.
Do you mean they ignore£ the fact your expenses had gone up more than your income so your IVA payment didn’t change?
Who is your IVA firm?
How large are your energy arrears and you told your IVA form about this at your review?
Josie says
It’s only £100 per month and I started it 16months ago.
They increased my IVA term because I didn’t declare a bonus I got at work and when I argued that the cost of living had increased they said they already consider that. I told them about the other debt but they didn’t seem to acknowledge it. I want to ask for a pay increase at work but weighing up the best options as no point if my Iva payments will also increase.
Do you have any advice?
Sara (Debt Camel) says
which firm is this? how long is there to go in the IVA?
I would like to say your IVA payments shouldn’t go up because of your energy debt… but then that should never have been allowed to happen in the first place.
Josie says
Do you think I should raise this with them? It’s creditfix.
I think I want to apply for DRO as I think I rushed into the IVA as I panicked. The advisor convinced me this was the best option but I should have done more research.
Is there a way of checking eligibility before allowing the IVA fail? Thank you again for your help
Samantha Warburton says
Dear Josie
Please contact me directly with details of you IVA, so I can look into your case and help resolve your issues. My email address is samantha.warburton@creditfix.co.uk.
Kind regards
Sam
Alex says
Hi, my IVA agreement was confirmed on the 18/03/2024 that’s the date of signed documents, today I’ve received my normal monthly wage which includes a bonus payment for a period of 01/01/2023 to 31/12/2023, do I need to tell the IVA company about this bonus if I haven’t even start making any payments yet? I don’t even have a direct debit set yet. Wouldn’t it be classified as prior to IVA income on my P60 as it would be included in year ending 03/2024 which is before the IVA? I can’t imagine them doing end of year review for this year before I even start the payments. I’m confused on what to do because i know if i ask then they will tell me to pay it to them because they just want extra money. I would appreciate the advise, as i would like to know when exactly my obligations start, I.e. first payment to them or date of the contract
Sara (Debt Camel) says
I think it’s the date the IVA was approved by the creditors. Why did you agree to an IVA when you knew you had a bonus coming up?
Alex says
The whole process of agreeing the IVA took over 3 months I didn’t know I could postpone the meeting and I really wanted to start paying off the debt and finally have an agreement in place. The bonus wasn’t confirmed until last week, as it’s not guaranteed. it isn’t a huge amount as it comes to just over £1200 in total so in the worst case scenario I’m aware I will have to pay 50% back which I’m going to put on side but I think the chances of them finding out about it are small since I’ve not even started the payments yet. I’m not sure. I don’t want to risk it tho. Would they cancel my IVA if they found out about the bonus in future or just ask me to pay the 50% to them?
Sara (Debt Camel) says
I am not going to suggest that you lie to your IVA firm. You have to inform them of windfalls such as a bonus.
Kal says
Hi, I am on my 2nd year of IVA and I have recently secured another job which pays significantly more (potentially a 1k) a month. I understand that from the terms of the IVA I have to pay 50% of the extra into the IVA however, I will now also require a vehicle to travel to work as originally I was working from home. I have a family car but that is no good as my wife uses that for work and school journeys. How do I tackle the situation if I need to buy a 2nd car while on the IVA? This will also mean that my expenses will also increase in terms of Insurance, tax, Mot, service and fuel?
Also, I don’t have the funds to buy a second vehicle at present. How do I tackle this situation and if you can help advise me further. Thanks
Sara (Debt Camel) says
you need to talk to the IVA firm about what may be possible, eg taking a break to save up some money for a car.
Toni says
We have to fill in our first annual review, I am a contractor and my hourly rate has gone up (4 weeks ago) with new employment (again contracting) this is only a 6 month contract , will my annual income be averaged or worked out on my current hourly rate. Will our monthly amount go up? Also, our rate on our mortgage is up for renewal in march 2025, we are looking at a massive increase in monthly payments due to Bank of England Base Rate, and our adverse credit history. Our IVA overall debt was around 20k and taking our payments over the 6 years we will have paid everything on our debt – due to the fact that we had taken addition to our mortgage previously which is due to end in coming months at which point the amount we pay to our extension on our mortgage will be added to our IVA monthly payment amount. I wanted to know if our new monthly mortgage amount after rate switch and new larger monthly payments will be taken into consideration, can our IVA amount be re calculated? Our other option would be to sell our house, take the equity from our sale pay off the IVA and try to get a new mortgage on a new home, how likely are we to obtain a new mortgage? Thanks in advance.
Sara (Debt Camel) says
who is your current mortgage lender?
how much is your current mortgage and how much do you expect it to go up?
how large are your current IVA payments?
when does the other secured loan end?
Kirsty B says
Hi, I’m in the 2nd year of my IVA. I tell my IVA company when I have received overtime pay and they send me the letter telling me what I owe. However, I’m sure they are calculating correctly or not. My monthly take home pay is £2204, with the overtime I did I received £2863. With the 10% extra I can earn it would take me to £2424. The IVA requested I pay them £443.78 extra due to my overtime pay. Is this correct? Thanks.
Sara (Debt Camel) says
That doesn’t sound right if your IVA has the standard “50% of any amount over and above 10% extra” rule. Who is your IVA firm? Have you queried this with them?
Kirsty B says
Yes, it does. I have read my IVA proposal and handbook, which states the above rule. I am with PayPlan, they have done this more than once. And I have more overtime coming up which will exceed the 10% rule. I haven’t yet as I am not sure how to bring it up or question it.
Sara (Debt Camel) says
You probably have an email for them, used for things like your annual review? Email that with COMPLAINT as the subject.
let me know if this doesnt get sorted
Steven M says
Hi guys
So im in an IVA for £8000 worth of debt from when i was young and dumb
I am self employed and over the next 3 months will be able to pay a lot more than the £90 owed monthly.
I asked my IVA if i was able to clear the rest of my payments over the 3 months with the short term job i have. They stated that its based on amount of installments made and not total balance of IVA.
They stated that if i do the 3 month job then another review would take place despite it being short term and having nothing lined up after.
My question is how can i get out of an IVA early? I have 22months remaining but i feel its more of a hinderence than a help at the minute.
Any advice appreciated
Sara (Debt Camel) says
An IVA was probably a very poor option for you 3 years ago, but where you are now you just have to carry on with it. If you earn more you have To pay more in. The only way to end it early without repaying all the debts in full plus the large IVA fees is normally to have a relative offer to pay to complete the IVA now.