I am getting a windfall which will pay my IVA in full. How do I find out what is left to be paid ?

[Mel.8]

I am getting a windfall. It is enough my iva in full. I have already paid nearly 5000 into the plan. How do I find out what is left to be paid minus my fees to payplan.

[Foggy]

Hi. The windfall will be absorbed up to the total of the original debt ( not what you are expecting to pay under the IVA)plus fees and possible statutory interest. Payplan can give you that figure, but fees are payable whatever, so will be included.

[Mel.8]

Would Payplan charge the total fees even if the original forecast was fees to cover a five year plan rather than one which would be finished in half that time.

[Foggy]

It depends upon how the fees have been structured. These days many creditors amend the fees to a percentage of realisations. So it matters not how long, but how much.

This will be detailed in the proposal and any amendments in the Chairman's Report.

If they are on a time spent basis I would imagine the extra work involved in sorting everything out would negate much of any savings over time.

[MelanieGiles]

Is this sum going to pay all of your debts in full, or just the to the level of total payments you had pledged to pay over.

Ask your IP to provide you with a completion statement, so you can see how the money is to be distributed.

Your IP will charge the fees they are entitled to charge under the terms of the IVA.