My Circumstances are £33k Debt on an IVA with my House Equity Share as 'Assets specifically pledged' and my car as 'Assets not specifically pledged'.
My IVA started Nov 2012 and I have been paying £182 monthly since then, I now expect Circa £32k Equity Share and IP advised this must all be paid to them as this was the basis of the IVA Agreement albeit using £22k Equity in the Estimated Outcome Statements.
Now this technically means the debt is paid in full and I am now paying off the the IP Fees because I am hopefully in a winning position albeit IP says it cannot suggest a Full & Final Settlement as it was always the intention of the IVA to use my house equity in Year 5 - Is this true?
I am struggling to see the benefit to me of this IVA as the IP is taking £1k from fees then 15% of assets...
So that's 10 IVA Payments of £1,820 (£1k going to IP and balance into the IVA pot), then C.£32k Equity (£4,800 to IP and £27,200 into the IVA pot)...now what I am struggling to get my head around is the 15% now levied upon me if I have to continue with my 60 monthly payments of £182....
So, can someone clarify if I am likely to have to continue paying £182 for the next 50 months at £9,100?
If so, this means I would have paid £42,920 for a £33k Debt cleared in full within 12 months from assets which seems unfair to me as someone is making a profit and the charge/payments seem unfair to me...
Or is it calculated so that I pay back the debt in full plus the IP Fees? If so, that is £33k + £5,800 = £38,800 so if I have paid off £33,820 (Creditors thus getting 100p/£ and not 74.8p/£ as estimated) I still owe the IP £4,980 for its fees which it then gets to keep 15% of each payment made (is that right?) so....its going to be a sliding scale reducing monthly and very difficult for me to calculate...
I hope that the above makes sense and look forward to hearing any advice/experience of this...The more I read my paperwork the more confused I get and my IP (Varden Nuttall) has not explained this to me clearly.
My attempt at working this out is 28 of monthly payments (27.3 actually owed) plus an extra £747 for 15% fee to collect this making another 5 monthly payments (even though 4.1 actually owed) and then one final monthly payment of £182 so that equates to 34 months left to pay...is that correct(ish)?
