Overpayments ?

[Mark1980]

Hi everyone first post here been an active reader for nearly 5 years and found the advice on here a lifesaver at times !!!

I have 4 payments to go on my IVA , the total agreed proposal of debt on my IVA was £35,000

However when I looked on my. Online account with payplan I have paid in £43500 to date after a mixture of overtime and PPI refunds

I am also owed £2081 in PPI by RBS who are offsetting that on my balance

My question is technically have I fulfilled my obligation with my IVA and can it e closed as I have paid a fair amount over the agreed amount as set in the original proposal

I pay nearly £800 per month and ithas been a struggle with kids , cars and mortgage

Any advice would be appreciated

Kind regards

Mark

[Foggy]

Hi Mark. During the IVA you always owe the FULL original debt, plus fees and possible statutory interest. Only when the IVA ends it's agreed course will any of this which is unpaid be written off. The IVA will only close early if you hit this figure, in full, during the term.

[Michael Peoples]

You need to check with Payplan but if there is no statutory interest to be added you may have paid enough. Given that they are a preferred partner of the creditors and receive numerous referrals from the Banks, they may agree to a reasonable cap on their fees.

You could ask to speak to your IP to see what they say and good luck.

[Mark1980]

Thanks for all the replies I was guessing that was the case ... I replied earlier saying I guess I was feeling the strain a little with the payments

But kindly got autocorrected saying I was. Labelling a train .....???

Thanks again

[Michael Peoples]

I saw that and thought it was some sort of weird analogy which I gave up trying to work out!

[Foggy]

We have a poster on here, Mark, called "Skippy", which got famously auto corrected to "Sloppy"