Hello I wont name company I am involved with but almost 3.5 years ago I joined and IVA and have been making payments to my debt and agreed amount, today I received my annual report
my S of a balance is £9,414.00 my Claimed Balance is 8,527.28 my fees
Fees And Costs
Fee Type
Approved (£) Paid To Date (£)
Nominees Fee 1,000.00 1,000.00
Supervisor Fee 975.00 1,259.60
Variation Fee 0.00 0.00
Expenses 1,675.00 1,525.00
thats a total of 11,089 (around)
I have paid with my monthly fees £11,111.44
have I overpaid or am I missing something, I was told I will never pay more than my agreed amount when I joined the IVA but it seems as I have - am I missing something? I know my IVA is paid off early but if I keep making my payments as I am doing I will pay WELL over my original debt and interest that incured with them.
The maximum you can pay is the total of the full original debt, plus fees and possible statutory interest at 8% p.a. If you hit this figure early the IVA will end early.
What they probably meant by telling you that would never pay more than your agreed amount is that you would never pay more than the agreed number of payments --- the amount of each payment, however, can increase under the terms of the IVA and extra income has to be paid also.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
I understand that but the calculations show that I basically overpaid, I dont understand how to view the annual review but my S O OF A BALANCE IS 9,414.00 MY CLAIMED BALANCE IS 8,527.28 MY FEES ARE 1,675.00
I paid 11,111.44
in total so far... so I am totally confused as how
What was the total amount of your debts before you entered the IVA?
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
On those figures the maximum repayable would be around £13,200 (full original debt plus fees to date) plus interest on the reducing debt balance at 8% p.a over the three years, or so, the IVA has been running, probably in the ball park figure of £1500. So a total to date of around £14700. You have paid £11,100 (ish) so far, so a payment in the region of £3600 would settle the IVA now.
This all assumes that statutory interest is payable --- sometimes it is excluded, so you would need to check that. And you would also need an accurate interest calculation as this is calculated on the reducing balance of the debt, which isn't reduced in even installments, as funds generally go to fees first, so my figure is a complete guess.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
