Have I misunderstood the terms?

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tinaf

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Post by tinaf » Mon Jul 23, 2007 1:55 pm
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I have an IVA & have had to agree to try equity release agter 4 years. My debt was £20K but the amount I have to release is £30k.I was under the impression that there were no fees for the IVA or that interest coul not be added.Have I misunderstood the terms?
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Oliver

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Post by Oliver » Mon Jul 23, 2007 1:58 pm
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The most you will ever have to pay into an IVA is 100% of the debt owed, plus all IP fees involved. You may also have to pay statutory interest but this is more often imposed if there has been a large windfall or inheritance.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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Adam Davies

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Post by Adam Davies » Mon Jul 23, 2007 1:59 pm
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Hi
What was your full original debt before the IVA started and how much are you paying each month ?
There ARE fees for an IVA but normally your creditors pay them out of the payments that you make into your IVA.If you are repaying a full 100% dividend then you will be paying the IP fees.
Interest and charges are stopped during an IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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