Foggy & iva forum members
Can i ask you something. Im trying to pay off my iva by selling my house and Foggy kindly worked out an estimate of how much i owe if i paid 100p in the pound (see below)
At the moment gt are refusing to give me any indication of how much i owe with fees. They say once i sell my house they will take the money and give me back what’s left. I feel nervous about giving them an “open purse” and allowing them to take what they want. They say they cant tell me how much i owe because working out the sum is “ complicated & only a few people in the company can do it.”
However they did say that it will be 100p in the pound plus fees , they also say that they will re apply the interest that was stopped when the iva was started. This is the part that worrys me. Does this mean that every debtor can re apply and add on interest to the debt ? OR is this the same as the 8% statutory interest that Foggy mentioned when he worked it out.
This is what Foggy kindly worked out for me.
Original debt of £53k would take in the order of £8k in supervisors fees, £2k nominees fee and possibly 8% p.a statutory interest to settle in full and this amount, less payments to date are always owed during the IVA. Only at the end is any of this unpaid written off.
So, in this case we'd be looking at around £66,000 to hit the 100% payment.
Thanks Foggy. That helps. Today they have agreed (on the telephone) to provide us with the amount we would owe if we paid the 100p in the pound . if we can afford it we will probably sell in order to pay if off. thanks again for your help it really is appreciated x
Hope it all works out for you Karen - fingers crossed for you.
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
