Hi, I have been in an iva for 2 years now paying 210 a month. So paid around 5,000 so far. I've just been asked to increase that to 400 a month. So another 36 months is another 14,400. My annual report received today states the total agreed claims come to 14,885. And by my workings out, I'll finish having paid a total of around 19 and a half thousand. Meaning I'll have overpaid by around 4,515. I'm assuming that goes towards fees for the iva people. Does this sound right, or does it sound excessive? And also, they've said if I have any further wage increases, they can increase my payments again. Which I think sounds like I'll be overpaying, if I'm not already. I understand I can afford to pay back what they're asking, and if I can pay back 100% of what I owe then I should, but do these calculations seem justified at all, if someone could put my mind at ease that'd be great. I have asked my iva company but they're saying it'll take 5 days to respond and I'm kinda worried about this now.
Hi Glen - you keep paying until you come to the end of the IVA or you manage to pay off 100% of the debt plus interest plus charges in which case your IVA would complete early. Interest is 8% per annum.
