My wife's IVA is for �9.100 and she has paid in�10.200 she has had a win fall of �11000, pay plan has said she has to pay it all in she has already asked for a full final settlement, but when they rang today they said she has to pay it all in is this right as she would of paid over �21.000 for �9.100
During the IVA she will owe the full original debt, plus fees and possible statutory interest ... not just the agreed dividend. So, yes, this is entirely possible.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My IVA took all my £14,000 inheritance, I didn't even see it my solicitor sent it straight to my IVA company and that is over and above what I expected to pay over my 7 year term #128543;
How many years has the IVA been going? This seems excessive - I would demand a F&F settlement breakdown from them to support this.
Having said that I would like to think that all of the windfall gets paid in and the surplus would then be repaid to your wife but your IP should really have an idea of whether there is going to be a surplus so they can explain this to you.
On my calculations debt of £9,100 with 5 years interest at 8% and assumed costs of 15% amount to c£14.6k less the £10k already paid in.
You need to check what their costs basis was, whether it was ever mdified or capped etc. Consider asking creditors to waive their entitlement to interest. Check they are not double charging the 15% on the balance - this can lead to double counting that I have seen recently.
If their costs are on a % of realisations they should be on the total gross realisation and nothing more.
