Hi,
I,m in an IVA for almost two years. Today I asked my Supervisor could I repay full amount (10k) earlier, until now I paid 6,5k. He explained that we will need to propose that to creditors and if they accept amount of 6,5k I will also need to pay additional 2,5k for nominees and supervisory fees. I'm a bit puzzled because in my original agreement all fees are included in agreed 10k over 5 years. Could you please clarify this to me?
Thank you in advance,
Alex
Your total debt is always the full amount of your debt plus fees plus, in some cases, statutory interest right up until you receive your completion certificate. The £10k is a projected return that can go up or down as in my hubby's case.
The fees are included in the amout you pay, but are still due in the event you can pay more.
Usually a full and final offer is based on the amount left to pay, under the terms of the agreement. Fees are taken from this amount NOT added on to it.
Whoever you have spoken to is either trying to force more money from you or is mistaken in how they thing an IVA works.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014