I have been informed today i have to enter a 6th year to continue IVA.As I had equity. Thing is I pay £570 a MONTH Now, have given Mccambridge Co a total of 6 k in bonus/overtime and PPI payments. If I continue another year at the payments I pay now I am way above the debt ai ORIGINALLY had....how does this work and is this not moving the goal post and not really helping at all. very upset on this from the IVA people.I am seeking financial and legal help if you can not reply cheers
Bear in mind that you will be having to pay statutory interest and fees on top of your original debts.
I am sure Mcambridge Duffy will be on to answer this.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
During an IVA you always owe the full original debt plus fees and possible statutory interest. The object of an IVA is always to repay as much as you can, not as little.
Bear in mind that the extra, over your original debt, would have been a lot more had you still been paying the loans contractual interest.
I doubt any goalposts have been moved and all of the detail will be in your paperwork.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sorry if you are not happy but the other posters are correct. If you do manage to repay creditors in full it will be a great achievement but remember that your creditors will have foregone six years interest and were prepared to even write off some capital. The overtime, PPI etc will have improved the return so your creditors will have had their faith in you rewarded.