iva early repayment charges

[andrea]

i have been asking a few questions over the last couple of weeks due to circumstances changing the one i have now is we have just recieved our figures to se if we could remortgage and pay off early (no chance) i was under the impression you would approximately owe the remaining monthly payments or less but they are asking for the full amount owed to creditors originally and looking at more aswell why is this when we were told they only want 18p in the pound back i also thought that some of the dept was written off well thats what they advertise when you are going looking for an iva is this a joke or what can you please tell me if this right thanks







]

[andrea]

these are the fees

total funds paid to date £5903.25
bank interest £ 0.61


fees paid
nominees fees £3000.00
supervisors fee £1775.00
office holders expenses £249.58

[andrea]

sorry not finished dont know what happened

vat £875.20 this is on fees paid




balance held £4.08

actual claims to date £71.250.80
provision for further claims £0.00
oustanding fees and disbursments £212.83
meeting fee £500.00
early settlement fee £1800.00
vat £402.50

FULL AND FINAL AMOUNT £74.162.05

[BECKY]

I know u obviously try to pay back as much as u can , but I was under the impression for a f+f u need to offer about the same as u would pay back if continued for 5 years if u can afford more then u pay more.If ur proposal was for 18p in £ u should be lookin at a lot less than ur ip quoted. Is that definately a figure for a f+f or just a settlement figure on the entire debt?

[andrea]

this is the final figure according to them it doesnt sound right does it

[BECKY]

No. Ive just read ur other post and even with equity release I wouldnt expect it to be that high unless ur house increases to the point where equity is enough to pay off the full amount. which from ur post it isnt. Hopefully an expert will be along soon ,but it does seem very high to me.

[andrea]

thanks beecy for looking and answering i dont know where everyone is

[andrea]

sorry beccy

[Adam Davies]

Hi
Yes they seem to have quoted you the full original debts plus IP fees,this is the sort of settlement figure for a windfall etc.
I think that you may have a problem due to the equity release clause,bur realistically your creditors should accept a figure a lot less than above.
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