Been told I still owe interest. I thought it was frozen.

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
Post Reply
 
 

badboy2911

User avatar
Posts: 1
Joined: Mon Feb 23, 2015 8:51 pm
Location: United Kingdom
Post by badboy2911 » Mon Feb 23, 2015 8:51 pm
Quote
Hi
Completed an IVA in August 2013, i have received a couple of ppi refunds which have gone to Payplan who have distributed the amount to creditors and 8% to my self, i called them the other day and asked what did i still owe from the 24k debt to my surprise i had payed £500 more, i was informed that i still owe interest on this, i was not aware that interest is charged? i thought it was frozen?, i asked my case officer what is being charged and what do i still owe he was unable to answer this,
Top
 
 

Gettingthere

User avatar
Posts: 190
Joined: Thu May 06, 2010 9:18 pm
Location: United Kingdom
Post by Gettingthere » Mon Feb 23, 2015 9:33 pm
Quote
As far as I am aware all interest on loans etc which are claimed within the IVA are and should be frozen
Top
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Mon Feb 23, 2015 10:01 pm
Quote
If you pay all of the debt withing the IVA they then add 8% statutory interest. Some arrangements exclude this and there have been a fair few variations accepted to get this removed.

There will also be fees on top of the original debt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Top
Post Reply
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”