Can I please check how the 8% statutory interest is calculated?

Is it done on initial debt and then as 8% of the remaining debt each year? And do I then need to add that 8% to the debt remaining each year to get the new amount owing?

Or something different?

Sorry, I find maths hard work!

Thanks!

I've signed it Foggy

Adam_7985 wrote:

Just checking, you say you've paid £500 a month for 3 years that £18k, have u been making overpayments?

Hi Adam,

Yes, I had a good bonus from work and inheritance that have all gone in the pot too.

Thanks both. Yes, I think statutory interest is included so I'll take this into account. It's my annual review soon and I think my payment may actually increase - but that just means I can get this cleared quicker. I will ask how many payments I've left but Payplan never give me a straight answer on...

<t>Hi,<br/> <br/> I have been in an IVA since October 2014.<br/> My original debt was £33,225.<br/> In the past 3 years I have paid £37,982 towards my IVA.<br/> The supervisor fee is 15% of realisations and a nominee fee of £1500. <br/> At what point will I be able to complete my IVA as I can't go o...

Yes, I think this includes statutory interest so I'll try and get this waived.

Otherwise it'll be £21k above my original debt in fees and interest which seems a bit steep??

Have just spoken to my IP. Seems that they were always expecting me to pay 100% anyway so little chance of a reduction for early settlement. Slightly depressing that I've paid in over £14k now and still owe £5k more than my debts were worth in the first place. It was the right decision at the time, ...

Thanks.

I've asked for the final figure from my IP.

I spoke to someone on the phone earlier and they wouldn't give me a straight answer so I've put in a written request.

I assume interest should only be payable on the time the IVA has been active rather than for the full period it was due to run?

I now think I have enough money (with help from a relative) to bring my IVA to a close. If I am able to pay 100% of my original debt (inc fees and interest), does this still need to be made via a formal offer and agreed by the creditors? Would I be foolish to pay all the money into my IVA without ge...

Thanks Michael..

Very helpful

Thanks Lisa.

I have just spoken with my IVA company and they advised it may be possible to include the inheritance if I am able to make the full (or as close to full) payment to complete the IVA.

It's around £47k in total, so I'll have to see if I can ask a family member to help me out.

Thanks for all your help.

Will speak with my IVA company and see what the amount looks like to pay it all off.
If I'm able to do so, would much rather pay it and be done with it..

Just looked again at the detail on my IVA - creditors estimated to get £32,159 after the fees etc have been deducted..

So £28k not such a bad offer after all?

My original debt was £44,107. By doing your calc means I'll need to pay back nearly £67k for it to end early.. So they're not going to accept £28k from me then to finalise it are they.. Although my contract ends in December and the industry has taken a dive so I can't necessarily continue my payment...

Thanks Kallis3. I don't think I was aware of that. I thought that if you pay back the full amount owed during the course of your IVA then it automatically ends. So my re-payments have doubled during the course of my IVA - so I will be able to pay it off quicker. What your saying is that no amount of...