Advice please...Having spoken to DFD before Christmas we have been informed that to date we had paid back 92p in the pound. Since then a further 6.5k has gone into our iva and a further 3.5k will be paid in before May which is the original iva term of 72months. We have been unable to remortgage for obvious reasons and we have now been told that our iva will be extended for a further 12 months which will.equate to another 10.5k minimum. We beloved that the maximum we had to pay would 100% in the £ and by May we believe this will have been realised. Can someone explain to me why they are refusing to undertake due diligence and provide reasons as to why they feel we need to even consider extending our iva..We would like to point out that it is us that are paying there fees and that they should be acting on ours and the Creditors behalf. I want to point out that a payment has never been missed by us an additional 45k has gone into our iva and yet most of the communication from them.has been intimidating and in most cases not factual. We never wanted to be in this position we where told we would be helped every step of the way when entering into our iva however in truth we have experienced more stress from DFD than reassurance. EIF have handled all our PPI claims which amount to 39k and although we had been informed there charges equal a third they actually top it off by charging 20% VAT on top of that which equates to over 41% which does not go into your IVA. We cannot understand how this is allowed IVAS are not fully explained and therefore misold. Enough ranting could someone please explain how we stand regarding 100% in the pound repayment and how we obtain a full statement to date of our account. After several emails and telephone calls following a letter informing us that our iva was failing and we would have to attend court (that was a lovely Christmas present) We seem to be no further forward and faced with a further year of misery.!
Hi and welcome. As I understand it, once you have paid 100% of your original debt, possible statutory interest and all IP fees your IVA concludes.
I would definitely ask for a breakdown of payments and stud this and do question it if you feel the need. All the best. Hoping someone else will be along later to give some excellent advice.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
It does depend on your proposal but we do not normally include statutory interest especially when it is from monthly payments and not a windfall. Contact Laura from DFD who posts here as she seems to be very helpful with the DFD clients.
Laura's details can be found under the experts link on the left hand side of the page.
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
Hi Blue boy, if you can afford it, in whatever way shape or form, then you will almost always owe 100% of the debt plus statutoruy interest plus costs of the IVA (unless your IVA terms state differently).
If and only if you went over this figure your IVA would complete.
At the moment you state creditors have received 92p. That means you keep making payments until the remaining 8p plus interest plus costs have been paid in full or you reach the end of the IVA term.
In your case you will either hit this part way through the 12 month extension and sotp paying, or you will not pay everything back and have to carry out the remaining term.
I know it doesn't seem fair but it will be what you agreed to originally and I suspect you have been able to keep your home as a result instead of potentially losing it through Bankruptcy.
You could ask for a variation that creditors don't require interest but even then you may still have to keep paying to cover the balance of 8p and the costs.
Your IP doesn't act for you I'm affraid. They merely Supervise to ensure you adhere to the terms of your IVA.
Their costs are approved by the creditors.
Sorry for the long winded reply - its late on a Friday!
