Need some advice. I am currently on IVA, the IVA says that on the last year I will have to release equity. Question1 : Say, I had a debt of 50,000 and I have repaid 45,000, will I have to pay them 5000 or do I have to pay them more. Question 2: Say, I have paid 45,000 of the 50000 debt, will my balace be 5000 or will it also consider that out of 45000, 2000 was the fee and 15% was taken by IP. So, the actual debt I have covered is (45000 - 2000 -15%). Question 3. How much do we pay to cover the total debt - say 50,000 was the debt, is it 50,000 + fees + 15% fee on every transaction + 8% Statutory). Regards-B
The equity would be to repay the debts in full plus fees. Statutory interest is not normally charged but it depends on your proposal and any modifications.
