third review

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lecky

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Joined: Mon Nov 15, 2021 12:41 am
Post by lecky » Mon Nov 15, 2021 12:59 am
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So I'm onto my third review

As the debt I have wasn't too substantial when I received my iva it was agreed I would be paying back 100% of my debt over the 5 years.
My circumstances changed so my payments increased by after every review.
Im now at a stage where I have paid over £3500 of what my total debt I presented to them was via my chairman report.
I assumed its their fees and such but does that mean I have to continue paying this until the completion of my iva?
Ive tried contacting the provider many times but it seems I get pushed to different people and no-one giving me a clear answer

Any help would be greatly appreciated.
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Foggy

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Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Mon Nov 15, 2021 7:56 am
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During your IVA you always owe the full debt plus fees and possible statutory interest and the IVA will end early if you hit this amount. Some IVA's exclude statutory interest -- which is calculated on a simple interest basis at 8% of the reducing debt balance on a daily basis. Fees will be as detailed in your Chairman's Report and / or original proposal.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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