Hey

[TheRosyEagle]

Hey

I'm new to this IVA forum so not really sure where to introduce myself or anything, thats why i'm writing in this topic.

I started my IVA in October 2016 - My IVA is due to be completed in November 2021, But should finish early im awaiting a phone call of them as i am paying 2,000 more than i owe on my IVA and there not sure why so once i've had this phone call I should have either a reduced monthly payment or my IVA should finish in 2020 or something

I got into debt 5300 as i crashed my motorbike in 2016 and lost my job due to this and couldn't afford the payment on the finance which was around 3300 ... the rest of the debt is due to credit card and small loans and stuff

Hoping to get some help in here if i have questions or something look forward to learning more stuff about IVA's


Thanks everyone

[luluj]

Welcome to the forum - how much was your total debt prior to iva being approved ?

Have you had a change in income which has meant increased payments ? Or a windfall that has been taken into the iva pot ?

You will always owe the full amount of original debt plus IP fees and possible statutory interest - once you have reached this level of payback your iva will end - you would not continue to pay beyond that !

[Foggy]

"£2000 more than you owe on your IVA"? Do you mean £2000 more than the originally agreed payments ? Or £2000 more than your original debt ?

As Luluj says -- you always owe the full original debt, plus fees and possible statutory interest during the IVA. It is only when you get to the end that anything unpaid is written off. Your agreed montly payments are not what you are limited to paying --- you also have to pay in any extra income you get, PPI refunds, windfalls and the like which can increase the amount you repay to your creditors.

[Lisa Thomas]

I'm afraid your IVA won't finish early unless and until the total debt, any applicable interest and costs have been paid in full. If it's an extra £2k than your were originally estimating to pay back then this just means creditors will receive more than was original predicted - your IVA will continue in the usual way, sorry!

[TheRosyEagle]

The original debt was around 5,300 - I was paying 68 pound a month but last year got a job working in a hospital so my wage has increased considerable .. so my payments has gone up to 139 a month so by the end of 2021 when my IVA finishes I would of paid in total of around 7,500 which is way more than my original debt was.

[Lisa Thomas]

£5,300 plus say 2.5 years interest of 8% of c£850 plus say 15% of costs = £7,073 so worth speaking to your IP to find out if you have paid enough.

I have estimated costs standard at 15% but this may not be the case in your IVA and may be the sticking point. Doesn't allow for any outlays, or any outstanding Nominee fees.

[TheRosyEagle]

Hey

I've just got off the phone with creditfix ... there calculating how much is left to pay as i've already paid around 1,500 , there calculating how much id pay until 2021 then there going to either reduce my payment or finish it early
because they even said on the phone when i spoke to a supervisor that i shouldn't be paying 7,500 so hopefully once i get the email today then it will get sorted

[Lisa Thomas]

They don't need to calculate until 2021, they need to calculate to the date of the estimated dividend and costs to the closure of the case, otherwise they are charging you for extra interest, at a future date, which should not be applicable and costs until 2021.

[MerlinL14]

Why did they even propose an IVA for that amount? A DMP may have been a far better option. Are you certain it was an IVA you were in?