If you are paying in full you just need to ask for a final figure from your IP and this will not need another meeting of creditors. However, you should at least try and get the interest removed which would remove or reduce the help from your relative. It is worth asking creditors as they can only say no.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It is usually calculated at 8% per year for each year the IVA was in place. Some firms exclude statutory interest anyway so perhaps just the balance will be due. Some firms however will add the interest as their fees are based on realisations and thus they get 15% extra fee income based on the statutory interest. That is another reason to try and get the interest waived.
As Michael says the statutory interest is calculated at 8% p.a simple, based on the reducing balance, foer the term the IVA is running and will, obviously, only be accurate on the day it is calculated as every day will bring more to the calculation.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Seems that they were always expecting me to pay 100% anyway so little chance of a reduction for early settlement.
Slightly depressing that I've paid in over £14k now and still owe £5k more than my debts were worth in the first place.
Still probably is the right choice --- the "extra" £5k is probably less than you would have paid in contractual interest over the term and has, additionally, "bought" you protection from potentially nasty recovery proceedings.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
