I need some advice on an outstanding balance as I want to clear it off

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

Hywel

User avatar
Posts: 1
Joined: Fri Feb 05, 2016 5:27 am

Post by Hywel » Fri Feb 05, 2016 5:27 am
I need some advice on an outstanding balance as I want to clear it off. I feel that IVA company is charging too much.
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Feb 05, 2016 8:14 am
Hi and welcome,

Can you give us some more details? Why do you think the company is charging too much?
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
 
 

FormerlyST1100

Posts: 296
Joined: Wed Feb 08, 2017 8:29 am
Location: UK

Post by FormerlyST1100 » Fri Feb 05, 2016 8:47 am
It probably depends on if you are asking them for the balance, in which case you will always owe the full amount of your debt + fees (around 15% or more) + interest (8%) less the amount you have already paid.

OR you are interested in knowing how much you can offer to make a F&F payment to end your IVA with money being offered from a third party (ie friend or family, etc), which would usually be the monthly amount you normally pay X the number of payments left to pay (including any extension due to equity). This "offer" can usually be reduced slightly as the creditors may prefer being paid as a one off up front than an extended monthly arrangement.

As Kallis says, more details and the reason would be beneficial.
 
 

Lisa Thomas

User avatar
Industry Expert
Posts: 7759
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Fri Feb 05, 2016 9:43 am
Where will you get the funds? How much will you pay if your IVA continued to its normal end date? Do you have a property with an equitable interest in it?

Your IPs charges were approved by creditors and effectively come out of their pocket/reducing their dividend so unless you are paying 100% of the debt plus interest plus costs in full it shouldn't really affect you.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”