What happens with a substantial difference between amount we say we owe and amount claimed ?

[Natasha.g]

myself and my husband are in an iva and one of the debts on our account isn't as much as it says on the account. We have sent the iva company proof of this and they are saying it doesn't affect the amount we have to pay back, please could somebody advise as there is a £12,000 difference in what we owe and what they say we owe

[Steven1001]

We had the same with a Northern rock loan where they front loaded all the interest. This added £7k to what we'd borrowed (excluding payments!)

Maybe this is what's happened. Ours also added fee's on to the loan for admin for the IVA at the beginning.

I think they bump it up as much as they can so they get a better return!

[Michael Peoples]

The supervisor has to agree the claims and if this one is out by so much then the overall claims may have increased to breach level. It usually would not affect you unless you reach breach level or you are repaying in full so you are right to question the IP and get to the bottom of things.

[Lisa Thomas]

If I understand correctly the creditor is claiming less than was originally estimated? If so then:
Your original esitmate was simply that - an estimate. Your contributions (on assumption its a contributions based IVA) will have been based on what you could afford to pay back. If your creditors work out to be less than originally anticipated this just means the dividend will increase accordingly (unless they've reduced so significantly that you will have paid off 100p/£ plus interest). I can't see that it would affect the contributions you are paying. The Supervisor should however agree the claim taking into account the information you have provided.

[Foggy]

Your contributions are based on your disposable income, not the level of debt. If one creditor claims less ( often some don't claim at all) then the surplus will be shared, pro rata, between the other creditors.