Hi. I am nearly 4 years into a 5 year iva of around £18000. Original debt was around £22000. I have made payments amounting to around £13000. I will be receiving a lump sum payment of around £57000 soon after leaving the military. My ip keep quoting 100% in the £ but won't explain. Does anyone know how much I will have to pay back roughly?
It will be around another £20k to pay 100p in the £ plus fees etc.
Query whether statutory interest is being added and whether they can be waived.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The main issue here is the statutory interest and whether it will be charged. Creditors are normally sympathetic to ex military so a variation to exclude this seems appropriate.
Would it be my original debt + fees + (maybe) statutory interest then minus what I've already paid? Am I also right in thinking the interest is about 8%?
That is the correct calculation but there are a few things to be tinkered with. The interest is 8% per year but each dividend will have reduced the balances owing so the interest will have to be calculated annually based on the lower balances. Hopefully you do not have to pay this.
I finally got the figure I required which was just under £15000. I have paid it and was just just wondering if paying it off early in full made any difference with regards to credit rating?
No in a word - although complete your IVA and defaults will remain there for six years - so getting finanical product may be problematic.
Dont forget a credit rating - is just that, its meaningless - each lender will set their own lending criteria.
Last edited by ginger323232 on Sat Feb 20, 2016 8:51 am, edited 1 time in total.
Do make sure that all your defaults are dated correctly - they should not be after the start date of the IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Check all three credit agencies as any defaults on file should be at the time the IVA was taken out. Some are still defaulting at the end of the IVA (one of my companies was)
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
