Will I have to pay the full amount back ?

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Jennie.hn

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Post by Jennie.hn » Tue Sep 27, 2016 7:06 pm
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Hello

I am just entering the 5th year of my IVA - it was agreed that I needed to pay £1500 back but I have already paid £21000.

I know this sounds like a strange question but will I have to carry on paying - i mean will I have to pay the full amount back? As there is talk of me going into a 6th year?

Total debt 36000, I debt removed making balance 31000, total paid into IVA so far 21500.
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Foggy

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Post by Foggy » Tue Sep 27, 2016 7:14 pm
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You will keep payimg until such time as the iVA runs its course, or you manage to pay back 100% of the full original debt, plus fees and possible statutory interest. Only at the end is anything unpaid written off.

Why are they talking about a 6th year ? Do you have equity in your home to address ?
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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Michael Peoples

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Post by Michael Peoples » Tue Sep 27, 2016 10:04 pm
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There is a time limit to an IVA and there is a possibility you could repay in full. However if you have not the IVA will close at the end.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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