I am 8 months into an IVA, my circumstaces have changed and am likely to be able to settle the total amount outstanding.
I am trying to calculate the likely final settlement. As the IVA would be settled early, am I liable to pay the complete IP fees or a percentage of them? Also, if I paid off the IVA during the first or second year, what is the total amount of statutory interest to be paid? Would it be 8% or 16%?
If you were able to settle early, you would only pay the IP fees for the time you have been in the IVA. It should tell you a yearly ammount in your paperwork.
Where would the money be coming from? Your IP will need to know that.
Not sure whether you pay statutory interest now. I'm sure I've read on here that you don'.
Could be wrong though!
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.
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