I've got it!!

Sorry it took so long, I've been on the forums for 2 day's now, my eyes look like the ones on my avatar, think its a touch of Forum-itus!
Thanks again Foggy and Michael, I appreciate the time you have given.

Brian

So, in my case, I will have paid back £28000 of the original £30000 debt by the 60th month, will I only owe £2000?

Hi Foggy Thanks for the heads up on the statutory interest, I will have to look into it, the more I delve the worse it gets! Regarding my case, it appears I'm being punished for paying back most of the debt, surely this is wrong, also, how can their fees, which have been paid and maintained througho...

Hello Foggy, I have checked the modifications section on the terms of my agreement and there is no mention of interest (checked that one after reading another post :-) I think there needs to be a lot more transparency in the industry, as I have just mentioned to Michael " I was never told I would pa...

Thank's again for the reply Michael, I was under the impression that the "realisation" referred to the amount of money I had pay'd back, therefore, if I have pay'd back £28000 by the 60th month, the IP's cost that are deducted throughout the term would amount to 15% of the £28000, meaning the IP has...

Thanks Michael, So in my case, I will have to repay a sum of around 37000 to the IP (£30000 debt + 15% in fees) and if I'm on target to have paid £28000 by the 60th month I will still owe the remaining £2000 + fees, around £9000 in total, would I be correct in thinking the equity would then come int...

Michael, Foggy

Forgot to ask sorry,

Are the IP fees on top of the money owed or are they taken from the debt itself?

i.e. once the £30000 target has been met, that's it! or is it £30000 as well as fees?

Hello Foggy,

Thanks for the reply,

I do own a property which will have equity at the end of the 5 years, not sure about the release provisions, will have to check.

Hello Michael,

Thanks for the reply, I will have equity in my property at the end of the 5 years, does this mean the IP will look to this for the £2000 that will be outstanding or is it more likely the agreement will be extended?

Hi, I have just reached the 2 year point with my IVA and after reading various postings concearning issues people have encountered when nearing their completion, I have become slightly unnerved! I started out with a debt of £30000, my initial payment was £237 p/m which lasted for 16 months, this w...